Discounted homes and avoiding paying too much

I read a similar post and wanted to share my thoughts. I've been working with buyers for years who are wanting to buy a foreclosed home and save themselves some money.

There isn't anything wrong with the concept, but you might want to listen to me (or your Realtor) when it comes time for writing the offer.

The bank and government owned homes are already being offered at steep discounts. Why would you want to try to low-ball them and get the price down several thousand dollars further?

Yes, that works in some cases, but when you find a hot property in a great location and it's in move in ready condition, already offered at a HUGE discount, don't try to steal it!

I've tried so many times to coach my client's into making a fair and reasonable offer to begin with only to have them low-ball.

Then, someone else comes along, sees the value and writes a more reasonable offer and then all parties end up in multiple offers. One of them is going to end up paying over ask price in most cases.

So, client of mine, please don't get upset with me when you pay a lot more for your dream home! If you would have listened to me to begin with, you would have saved thousands of dollars.

That's my 2 cents worth for the day.

Happy Memorial Day weekend everyone!