4 Lowball Offer Mistakes Home Buyers Should Avoid

One of the hardest parts of purchasing a home is often getting the seller to accept your deal. Whether you’re in a hot market or you’re bidding on a home that’s been sitting for months, here are 4 mistakes to avoid when it comes to throwing a low ball offer to the seller.

4 Lowball Offer Mistakes Home Buyers Should Avoid

Grumpy Cat is not impressed with your lowball offer.

1. Not understanding the market

Before making an offer on a property, you should inform yourself about the local market in order to determine the market value of the property.

For example, if it is a buyer’s market, one should consider making an aggressive offer after making a proper analysis of property value, neighborhood and a price comparison with other similar properties that have recently sold.

In a seller’s market, buyers should remember that sellers have their pick of many buyers and will be less likely to accept a lowball offer.

2. Being unwilling to negotiate

Even if you want to make a lowball offer, you should still be willing to negotiate.

A seller may be offended if he or she feels that your offer is too low. Make it clear that you are willing to negotiate, but always keep your bottom line in mind. Determine the maximum amount you can afford to pay for the property, and do not negotiate higher.

3. Not making a clean offer

When a buyer makes a low bid, the other elements of the offer should be attractive for the seller.

Buyers should be pre-approved for a mortgage loan and have all possible conditions removed ahead of time, such as the sale of their own home.

4. Assuming cash will always get you the best deal

While cash is often king, this might not be true in some cases. A seller might want a higher amount rather than cash on the spot. It would be wrong to assume that making a cash bid will always get an offer.

If you’re looking for your dream home, visit ComFree.com and browse thousands of real estate listings across Canada.

Author Bio:

Jessica is from howmuchisit.org – a website that has 3,000+ cost helping guides. Here, you can find the prices on anything home, health, pets and so much more.

2 comments

  1. Pingback: Shak and Jill » Common Buyer Mistake: Offering Too Low

  2. michael@michaelhachem.com says:

    Things to consider when making a low ball offer that might help you get the price you want.

    1, Has the price had many reductions in the fast few weeks?
    2, How long has the home been for sale? the longer it has ben for sale the higher tension is for the seller
    3, How many homes are for sale in the same area?
    4, are the homes in the same area in better shape?

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