Your opening bid should be
based on two things: what you can afford (because you don’t want to outbid
yourself), and what you really believe the property
is worth. Make your opening bid something that’s fair and reasonable and isn’t
going to totally offend the seller. A lot of people think they should go lower
the first time they make a bid. It all depends on what the market is doing at the
time. You need to look at what other homes have gone for in that neighborhood
and you want to get an average price per square foot. Sizing up a house on a
price-per-square-foot basis is a great equalizer. Also, see if the neighbors
have plans to put up a new addition or a basketball court or tennis court,
something that might detract from the property’s value down the road.
Today, so many sellers are
behind in their property taxes and if you have that valuable information it
gives you a great card to negotiate a good deal. To find out, go to the county
clerk’s office.
Sellers respect a bid that
is an oddball number and are more likely to take it more seriously. A nice
round number sounds like every other bid out there. When you get more specific
the sellers will think you've given the offer careful thought.
What's Happening in Your Market?
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