Isn’t the media great? It is fascinating to me the questions I receive from buyers right now. For instance, they find a property that is on the market for just a couple of days and want to go in and ask for everything and if the sellers will come down 10% on their asking price. Just a word of advice. Pick a good Realtor. They will tell you when and what you can ask for and still acquire the property.
Where do you think the money is going to come from? The seller has to bring it to closing if for some odd reason they accept. It won’t happen. Your Realtor can tell you tons of specifics about the property which include when it was bought and for how much and if there is a second lien. How long has it been on the market? How does it compare to the other properties on the market as far as price? Let me ask you this. If a property was priced below the comparable properties and had only been on the market 3 days would you ask the seller to reduce the price 10K? I hope not. You need this information to properly assess the situation and you need an expert in negotiation to help you attain the best price based on the property you are purchasing. Don’t listen to the media. I promise you cannot pick the bottom and if you do not snatch up the property you want someone else will. There are too many incentives. Mortgage rates are at all time lows and the government has decided to give a lot of buyers $8,000 cash. You need an expert. Call one.