Can I Low Ball Offer A Warren County Foreclosure?
Sure you can! All the magazines tell you to do it. The newspaper articles tell you to do it. That guy with the infomercial at 3 a.m. says to do it. Your buddy at the bar tells you to do it too.
But you know who's not going to tell you to do it? Us, your Warren County REALTORS® who make a living giving Warren County home buyers and sellers advice. All those other sources, they work on hearsay and rarely ever put signature to paper and their reputation on the line.
We on the other hand, we don't work off of hearsay. We like to deal in facts. And if your goal is to actually BUY one of those Warren County foreclosed homes, you need to be serious about it. Now if you just want to mess around, go ahead, ask us to write an offer well below asking. If we're lucky, there won't be a half dozen offers you're competing with, so maybe, just maybe, the bank will counter your offer. But guess what, it won't be too far off list price.
And why is that? Because the banks and the agents who sell those foreclosed homes have gotten a lot smarter about pricing them to move. Often even pricing them to ignite a bidding war and get an above list price sale.
Check this table for the last six months of foreclosure stats from each of the major Warren County school districts (and we know the numbers don't add up to 196, there's 5 foreclosures in Cincinnati MLS from school districts that dip across our county border).
Warren County's Sales Price to List Price Ratio is pretty close to 95%, and that holds true for almost every school district, and in a few cases you'd better be prepared to only get 3% off. If you're angling to get much more than 5% off list price, you're probably going to be writing contracts on more than one home before you finally hit paydirt.
So the next time someone is telling you to lowball the bank with your offer, remember that table. Those are facts, not opinions. You can be a contract writer, or a home owner. Your choice.
Serving Warren County's residential real estate needs,
Liz and Bill aka BLiz
Serving Warren County Ohio & Adjacent Areas
The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS Ohio License SAL.2002007747
William (Bill) Spear, CRS Ohio License SAL.2004011109 Kentucky 77938
Ask for us by name if you visit the office!
Two locations: Lebanon & Mason, OH
Bill Direct: 513-520-5305
Liz Direct: 513-265-3004
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