OFFERS: How LOW is LOW?
You may have heard the term... your offer on a
house is substantially lower than the asking price. That is considered a "Low
When you make an offer on a home, the seller
will have several options: Accept, Reject, Counter back, or not even
respond. Submitting a low ball offer can sometimes have
consequences. Although the seller may reject, some sellers have been
offended to the point of not accepting further offers!
Being prepared and doing proper research can
help. Make sure to search comparables and have an understanding of the
home values in the neighborhood. If the home is in fact over priced, these
comparables will help the seller understand that your offer is within the the
range of what the previously sold properties are indicating.
Although full price offers are more likely to
be accepted by sellers, price does not always dictate the "guts" of
the transaction. There could be contingencies such the buyer needing to
sell their current home, seller contributions or substantial repairs, the
closing date, the amount of earnest money (if any), or even the type of
financing the buyer plans on obtaining.
We all want that perfect
"deal". Don't let that get in the way and possibly lose your
perfect home to another buyer.