Homeowners often list their home at a price that simply isn't realistic for the property. Going in with a lowball offer can be risky, but if done right, can make everyone involved happy. Here are 5 tips to help you make that lowball offer:
1. Know the Current Market
Talk with your realtor and make sure you get a good idea of what comparable houses in the same neighborhood are selling for.
2. Be Respectful of the Seller
Even if the seller's asking price is unrealistic, remain respectful. Insulting them, even if its accidentally, will not help your goal of buying their home.
3. Keep in Touch with your Agent
Your agent may get new information about the reason the listed price is so high. Make sure you check in with them frequently in order to get the latest news.
4. Make Sure your Financing is Approved
Its always a good idea to make sure you have the money for your lowball offer before you make your offer. It would be embarrassing to have to explain you didn't even have the money for the low offer.
5. Be Aware of the Consequences
If you make a lowball offer and the seller accepts, they likely wont feel much obligation to do many/any home renovations. When budgeting with a lowball offer, leave some allowance for any improvements that need to be done on the house.
Keep in mind that while lowball offers are a valid strategy in buying a home, the seller may become uninterested and sell the home you're interested in to someone else.
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