If you observe the real estate market, most homes that have been up for sale for quite some time and still haven’t been sold are homes that are overly priced. Home buyers find it uncomfortable to make an offer that is less than the selling price because they’re afraid to upset the owner. Most people have the notion that sellers would not be willing to lower their price because they receive a lot of higher offers. If you think it’s just a waste of time to consider overpriced homes, think again.

Why Consider Overpriced Homes?
On the contrary, some homes in foreclosure are actually overpriced in the market listings so that they have been in the market for months without receiving any offer. Everyone seems to think that they can’t afford such a price. For this reason, it is worth a try to make a smaller offer especially if the clock is ticking out for the property in foreclosure. If you try to meet with the sellers of the home, you can negotiate for the price more affordable to you. In most cases, the sellers will accept the offer especially if yours is the only offer they got.

Of course, you can’t expect all home owners to give up their homes at a lower price than what is listed. Obviously home owners want a higher price on their properties as much as possible. Some of these home owners are selling because of an impending foreclosure and they’re hoping to make money out of their property the best way they can. However, even if they put up a high price on their homes, that does not mean that it’s their final decision.

When the Seller is Ready to Accept Your Offer
It will take some research on your part to find an overpriced home that is ready to accept your offer. When you find it, you’ll be living in the home of your dreams without necessarily having to spend more than what you can afford. All you need is to find that perfect timing. How?

In this case, a real estate agent can help you in determining which from the listing are overpriced and which of these overpriced homes have been on the list for some time. Ask your agent which properties on the list have received no offers from potential buyers. The truth is, most agents don’t show such overpriced properties because they know home buyers prefer affordability. If that property has been on sale for three months, your agent would know about it.

Also, don’t forget to consider homes which have received some offers that are less than the seller’s asking price. Even if the home owner has turned down previous offers, it may just be a matter of time before he realizes that he really must sell at a lower price. By the time he really needs to make the sale, he’ll be more willing to negotiate. Thus, if you make the offer at the right time, you’ll likely get a yes for an answer.

Clearly, if you have any plans of purchasing a new home, don’t rush about buying the first property that you like without considering other choices. It would be to your advantage if you take your time in choosing and exploring the market.

About the Author
George Bents is a loan consultant with NewHorizon Finance and has been providing consumers and business owners with home loans financing since 1989. For years she has helped people with home loan problems especially pertaining to home mortgage loans and bad credit home loans. Copyright 2009

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