Date Posted: 2012-06-15 06:57:16
Site Posted: Myproperty.ph
Anyone would love to buy a home for way less than what it’s listed for; who can blame them, when the cost of buying and maintaining a house is constantly rising? Even if a house is listed for the right price, buyers will try to sway sellers with a lowball offer, hoping that the seller will bite.
Still, no homeowner will ever agree to an offer that’s too low to be realistic, even if they haven’t received an offer in a while and are desperate to sell. If you’re eyeing a house that’s over your budget and would like to try to make an offer anyway, here are some suggestions that might convince the seller to accept your lowball offer.
1. Hire a great real estate agent. There are some real estate agents that avoid making low offers for fear that it will offend the seller, which puts the buyer at risk of paying an amount that could have been brought down had the agent been more aggressive. Avoid hiring an agent that‘s too focused on just closing a deal, or one who have subpar negotiation skills. A great agent will know how low you can go on a home that has been on the market for too long without any offers.
2. Research the market. Knowing how the local real estate market is moving will help you understand when and when not to make a lowball offer. In a buyer’s market, sellers are clamoring to get an offer from the few sellers actively looking for a house for sale to buy, which means you might have a shot. On the other hand, you might not have much of a chance in a seller’s market, since there’s a good chance that you’d be competing with other buyers who are perfectly willing to pay what the seller is asking, even more.
3. Know how much you want to pay. In a market where home values seem to be falling, a buyer would want to take advantage of the fact and find sellers that will agree to their lowball offer. However, as much as a homeowner wants to sell, they will draw the line somewhere. You have to recognize when a seller won’t budge any further; when you hit this point, it’s time to decide if you want to buy the house or you want to keep looking.
4. Make you offer as clean as possible. It’s annoying to a seller when a buyer makes a low offer and then makes them wait before closing the deal. Be sure that when you make your offer, there are no contingencies that will delay the closing. Have your pre-approval letter on hand to show that you’re a serious buyer, and make sure that you don’t have to sell your house first to be able to buy theirs.
Jillian Cariola, Writer
(cover image by Nepomuk)
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