3 Tricks To Help A Low-Ball Offer On A Home Go Through
If you find your dream home, chances are you want to make sure your offer is accepted and you can start the buying process as soon as possible. But what if you're considering a home that might not tick all of your boxes and needs a little love to get up to its full potential? While many real estate agents may warn you away from making a low-ball offer on a home, if you're willing to walk away from a property, then a low-ball offer may save you thousands of dollars.
However, getting a low-ball offer to go through without offending the seller is not always easy. Here are a few tricks to make your low-ball offer more likely to open up negotiations instead of closing the seller off.
Don't Include Other Conditions On Your Offer
If you're offering several thousand dollars lower than the asking price, you should not expect the seller to make many other concessions. For example, including appliances or furniture, paying part of the closing costs, or a rushed closing date can make your offer cross over from low to offensive. However, you can still include some standard conditions such as the sell being contingent on an inspection and an adequate closing period to access funds.
Be Able to Offer Funds Quickly
Ideally, with a low-ball offer, you will be able to access funds immediately to pay the seller. If you're not paying cash for the purchase, make sure you are pre-approved for the loan amount and, ideally, have the home pre-approved for the loan as well. Being able to close the deal and hand over the money in a short time frame will make your offer more attractive to most sellers.
Understand the Market
A low-ball offer will only be accepted when it's the best offer available on a home. If the market where you're looking to purchase favors the seller, there is little chance of someone accepting a low offer. Even if the market is against sellers, you should still know what a reasonable offer for the neighborhood and specific home you're considering is. Don't go too far below a reasonable offer if you want to be taken seriously by the seller.
Although a low-ball offer is always a risk when buying, if it's accepted it can save you money. Working with an experienced real estate agent will help you decide on the best offer you can make for a property.
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