Ask Erin: What should I offer?

I am constantly asked what a good first offer on a property should be. Unfortunately, there is no good blanket answer to this question, because the strategy regarding each individual property should differ depending on the property in question itself, where it is located, the recent comparable sales data, it's asking price, the seller's circumstances, what entity you are actually negotiating with, etc.

I do not recommend throwing out lots of lowball offers just to see what sticks...doing so is no better than tossing darts at a dartboard with your eyes closed. I suggest carefully evaluating each situation individually with your agent. I have represented buyers where we have offered more than 15% below the asking price...on the other side of the coin, I have represented buyers where we have offered more than the asking price (yes recently) because there have been other offers on the table from other parties. There are so many factors to take into consideration!! Don't navigate these waters without a skilled agent...