Making A Lowball Offer That Gets Accepted
Their is an art form to making a low ball offer. If you think you’re going to offer $20,000 less than asking price without any rhyme or reason, you will be wasting your time and your realtors time with offers that never get accepted.
In today’s market, homes are selling quickly and often times close to asking price. This is giving seller confidence that they don’t need to come down in price and sometimes even giving them too much confidence where they are overpricing their home. But with a little research and finesse, you can land your dream home in a price range that is right for you.
Research Your Target Market
You cannot jump into an area you don’t know and start throwing out offers. Just because someone is asking $200,000 doesn’t mean that $180,000 is a good deal. $200,000 might be $25,000 overpriced to begin with. With the help of your real estate agent, get to know the current homes on the market and homes that have sold. That will tell you what market value is on the home your interested in.
Is The Seller Desperate?
Now that you know actual market value, now you need to see if there are any good reasons that you can score the home for less than market value. If the seller is going through a divorce, short sale or any other issue where getting rid of the home as fast as possible has value to them, then they may be willing to part with the home for less than market value.
How Long Has The Home Been For Sale?
If the home has been for sale a long time, this may be making the seller desperate and/or nervous, especially if they are approaching the fall and winter seasons when home sales typically slow down. This may be your chance to swoop in and get yourself a great deal on your dream home.