Is there a general rule for what percentage a forclosure will sell for compared with its assessed value? For example #5 2101 17th st SW is selling for 395k and I'm pretty sure it is assessed at 635k. Is this somthing that is typical?
If you ran the city assessment for each property you would be surprised. Some are lower while some are higher. The city assessment rarely has anything to do with what it will sell for.
While 10% less than asking is a general number to follow with offers it never hurts to go for more. How long has the bank been trying to sell the place? Have they had other offers? Have the reduced the price yet? All of these are factors in making the offer.
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OFFICIAL CP REALTOR & PROPERTY MANAGER
Travis Munroe | Century 21 Elevate | 403.971.4300