I'm looking at a real estate foreclosure in Olathe, Kansas. How much less than asking price should I bid?

Question: I'm looking at a real estate foreclosure in Olathe, Kansas. How much less than asking price should I bid? Anna B. from Olathe, Kansas

Answer: Great question, Anna. Many Olathe home buyers are making the mistake when looking at distressed homes like foreclosures at dwelling what percentage they can buy the home off off of the list price. Rather than looking at the list price focus on the  value. Every Olathe home has a specific value based on its physical characteristics (design, space, functionality, etc), and area characteristics. Before making an offer review sales data of comparable homes. When determining value factor in the cost of repairs into the sales price. The list price is a starting price to help generate home buyers. There is no set percentage off of list price that distressed homes like foreclosures sell in Olathe, Kansas. I have seen some foreclosure homes sell 30% off list price, I have seen some sell at list price and I have seen a few sell above the list price. You should review the data and make an offer based off of value not off of a percentage off of the list price. 

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Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty 

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