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Is it low-ball time?

Q: How much below the asking price can an offer be made to seem reasonable for the seller? I hear people saying 7-8% on average, but if I believe that the true value of the property is closer to -30% off the asking price – will it look like I’m trying to low-ball?

A: That is never the issue … offer and acceptance are a matter of negotiation, market conditions, terms and urgency of the seller’s need to sell and buyers ability to pay … etc.

In the US properties have been sold for a number of years at 50% below asking price.

In Vancouver for many years, nothing sold over asking.

You never find out a vendor’s condition until you try.

Much success,

Ozzie

About the Author

OZZIE JUROCK (FRI) is the author of Forget About Location, Location, Location. Ozzie Jurock is also president of Jurock Publishing Ltd. Peter C. Newman in his book Titans called him a Real Estate Guru. Vancouver Magazine called him one of the 45 brightest people in Vancouver. Ozzie Jurock appears every 2nd Wednesday on Global TV News Hour. He also authored the book: Forget About Location, Location, Location and has written hundreds of published real estate articles in the Vancouver Sun, Business in Vancouver, the Globe and Mail, the Western Investor and dozens of magazines. (List of published articles.) Several thousand people have subscribed to his monthly and weekly newsletters Jurock Real Estate Insider and Jurock's Facts by Email.

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