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Have your agent show you the comparison (market price). Now at my area is buyer's market, buyer can choose the house and negotiate the price but just shoot out a very low offer is waisting of time. NOT WISE.
How are the other terms in your offer ycnim? Are you a cash buyer that can close in a week? Do you need to obtain financing? It is a home you need to inspect first (please say yes)? Do you have a house to sell before being able to close? What about the timeframe you need – are you flexible and able to meet the homeowners ideal timeline?
The fewer open questions for the homeowner, the less risk, the less risk, the better (as you know on the selling side of your current home).
For instance, on your home you probably have a price in mind, but if a potential buyer brought you an acceptable offer that allowed you to buy the home you have your eye on RIGHT NOW... well maybe that has $1,000 of value; and you'd take $1,000 less on your home. Maybe it's a great deal you are trying to get and that has $10,000 worth of value. Maybe you're done; and the price is the price.
If it's a bank, these calculations aren't based on kids in school, or when a spouse's job starts, but they are based on economic evaluations. Do you have access to which bank it is that owns the home? What ratio is this particular bank known to generally accept compared to a BPO or what are the known payoffs?
In the end, it's likely (but not always) going to shake out close to today's market value. If not you, what will the next guy pay for this house? How long might that take? This supply and demand isn't smoke and mirrors – it's an absorption rate. Build these answers from your available homes vs. your sold homes nearby and see how many blanks you can fill in. It's often surprising how well this can protect your investment. In 2010 I've seen it be the difference in advising my clients to offer over $100,000 less, $20,000 above asking price, or whatever it took to get it right for us to be at a safe price... In the end, we don't care what the asking price is very much -- we want to basically diagram two things and make sure they are both a "protected price" for my homebuyers: What is it worth? What can we get it for?Does that make sense?
I go by the old saying, "something is only worth, what someone is willing to pay for it". Go for it, the worst thing that can happen is they will say no. I am sure that there are great deals is Nashville, if these people do not want to negotiate after the initial offer.
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