My buyers sometimes ask how low they can offer on a property. The answer is to know which properties to target. The best low offer targets have been on the market for at least a month, with tons of equity, and a motivated seller. 7745 County Creek was a perfect example.
Listed with a wishful thinking, make-believe asking price of $1.5M in June, the property was offered by a motivated seller (i.e., estate sale) and had been under one owner for more than decade (i.e. plenty of equity). The interior was quite dated, but the bones and location were rock solid. The home backs to County and association-owned open space.
After a month on market, the seller slashed the price from $1.5M to $1.2M, and two weeks later, it was finally under contract. The deal closed on September 15, for $1.05M. That's right, the first $300K price cut didn't stop the buyer from offering even lower. They were successful. Did they use cash? Nope. The buyer closed with a conventional mortgage. The negotiated discount from the final list price was 12.5%.
Take home lesson: Know which properties to target.
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Note: The Realtors at House Einstein did not represent the buyers or sellers of this property. Our discussion of notable sales is designed to help educate you on market conditions and make a smarter real estate decision.
Osman Parvez is the Founder and Employing Broker of House Einstein. Originally from the Finger Lakes region of New York, he lives in Boulder with his wife and their Labrador Retriever. He has been a Realtor since 2005.Osman is the primary author of the House Einstein blog with over 1,200 published articles about Boulder real estate. His work has also appeared in many other blogs about Boulder as well as mainstream newspapers, including the Wall Street Journal and Daily Camera. For more information, click HERE.
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The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties. House Einstein strongly recommends conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.
