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Oh, the Horror!

Subprime Mortgage Mess


Acute pain is being felt by many victims of the subprime mortgage mess. You one of them?

    2. Questioning the First Offer

    Too many sellers reject their first offer, even if it's close to or at full asking price. Holding out for more money is a strategy that rarely works, especially at a time when credit is tight, lending requirements for mortgages are in flux and potential buyers have less purchasing power. (Read our story here for more advice on selling in a cooling market.)

    The reality is that in any market a home's first offer is often its best, says Elaine Clayman, a real estate broker with Brown Harris Stevens. Typically, educated buyers will seize on a property they like -- with a competitive bid -- as soon as it comes onto the market, she says. Of course, given the glut of houses on the market, sellers should expect to receive some low-ball offers. Just don't assume that you'll get better bids the longer you hold out. As Clayman warns, the more time a home sits unsold, the greater chance a seller will have to reduce his price.



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