Are "low ball" offers a good idea?
Everyone wants to pay as little as they can for the best property imaginable. But is it okay to give a low ball offer?
Many sellers are insulted by low ball offers, as they feel that the buyer is disrespecting them and their home. This is not the case. All a low ball offer is, is an offer that is relatively lower than asking price. But the asking price may be too high or may not reflect the market value of the property. Some feel that low balling it is a way to start negotiations, where the buyer making the low ball offer expects to meet somewhere in the middle.
There are times that a low ball offer works in your favour. Like when a property has been on the market for a while. If it is a new listing the chances of a low ball offer being accepted are slim to none. If the property has been on the market for a long time than the seller may consider a low ball offer. The same is true for a property that needs a lot of repairs.
The most important thing about giving a low ball offer is to be reasonable. You will get nowhere if it is a ridiculously low amount that it seems somewhat insulting. You also want to be respectful of the seller. This is their home, and they probably cherish it, so be respectful of that.
Mark has been dedicated to finding the right home for his clients for over 30 years. Take advantage of his wealth of experience! Learn more.