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HOW MUCH SHOULD I BID ON A HOME ASKING PRICE OF 54,900 AND I WILL PAY CASH?

  • June 23 2010 - Reading
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Answers (10)

My "price" was just a joke because clearly we can't answer this question.  I'm shocked that an agent actually put a price down and was serious.
  • June 27 2010
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It is relative to your area and distress of the property etc etc. But, I don't want to leave with out giving you some help. So, if the home were in my area and I was helping you. I would advise you to offer $40,000 as a jumping off point.
  • June 27 2010
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$47,995.03
  • June 27 2010
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There is not much that I can comment on about how much you should bid on a home (Cash or Not) without knowing the details about the home. The question sounds like you want to know what bonus a cash offer will give you over an offer that includes financing as a contingency. The obvious benefits to a cash deal is it takes out the finance condition. You still have to prove where that cash is coming from. The other benefit to a cash deal is the expedience in which you can settle on the home. If this is something the seller is interested in than a cash deal has advantages. I would rather have a large deposit with no contingencies other than financing that a cash deal with very little down money and many other contingencies.
  • June 27 2010
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Cash does speak louder than an offer with financing.Many people don't realize how many deals fall apart because of financing.  As for "how much should I offer"...you need to talk to a local Realtor.  Factors such as length of time on the market, who owns the property (private seller or bank owned)  and obvioulsy, current value, need to be answered first! 
  • June 24 2010
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I get this question often. Cash spends the same as any other form of payment to the seller. Take the fair market value and look at the normal seller assistance that an appraiser will normally pay for buyer in this area for the fair market price of the property. Reduce the fair market price by that amount and you are on your wany to a deal.  

  • June 24 2010
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In today's world, unless there is a specific requirement of cash, all transactions are considered equal to cash as at the end of the day they result in the same amount of money.  Other than that, you best bet is to get with an agent and have them help you obtain the best price.
  • June 23 2010
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If it is a distress sale asking for cash offers only, then there it may already be priced based on a cash sale.  If it is a normal market sale, then there should be some flex in it.  A bank owned foreclosure may have substantial flex for an all cash offer.

  • June 23 2010
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Profile picture for Randy Mabry
You need to give more information.  How long has it been listed?  What condition is it in?  Is it a distressed property?  How is the neighborhood.
  • June 23 2010
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Perhaps if you could post the address of the property a local Realtor could advise on recent comps and give you an idea of what homes have recently sold for. Of course condition and so on will need to be considered,

Thanks
  • June 23 2010
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