Is there a standard percentage that is smart to offer on for bank repo homes?
I am looking at two homes. The first is just listed and they are asking $169K. The second has been on the market since November and they are asking $228K. Both need some TLC (new paint, carpet, etc) but no major repairs.
I think that it depends on your market area. If you are in an area that has a lot of inventory then you could get a little more agressive on your offers. But if the market is doing well and the property is in a good neighborhood you may want to be a bit more conservative.
If the first offer that you make doesn’t embarass you, you offered too much!
The bank will never accept the offer it doesn’t see!
Keith