Currently, the housing market has become very competitive. In this highly competitive market place, it is very tough to a obtain a low-ball offer. A low-ball offer is an offer which is significantly lower than the asking price of the seller. It is relatively easy to obtain a low-ball offer in a buyer's market. In a buyer's market, there are a large number of homes on sale in the market place but the number of buyers are much less. Generally, a low-ball offer made by a home buyer is 10% or more low than the listed price quoted by the seller. Sometimes, this low price can be obtained by negotiations with the seller. In the current market conditions, though it is tough to obtain a low-ball offer, but if you follow some basic tricks, you may have the chance to grab a low-ball offer. Follow these 4 tricks for making such an offer.
1. Check out the comparable rates
Before making the offer, it is advised that you should check out the prices of similar types of homes in your locality. You need to gather information on the prices of recently sold houses in your area. This actually helps you find out whether the asking price of the seller is in line with the current market rate or not. There are some sellers who ask for much higher price. You should not overlook it.
2. Find out how desperate the seller is
There are some lenders who are very desperate to sell the house. It may sometimes be the case that the seller is going through a personal crisis. The seller may be in the middle of a divorce or may be in need of immediate money. If you can have those inside information and if you can find out that the seller is in a kind of desperation to sell the house, then you have good chance to get a low-ball offer.
3. Find out whether the house has been in the market for long
Check out whether the house has been on the offer for long or not. In case the home that you are looking for has been on the market for long, then the lender may be very keen to sell the house. In such case, seller may even be interested to accept a low offer.
4. Make a low-ball offer with solid reasons
Just for the sake of making a low-ball offer, don't make the low offer. In that case, chances are quite high that your offer will be rejected outright. While making the offer, you should provide proper reasons for it. Making a low-ball offer requires some skills. For that you can take the help from a professional agent.
Though in today's market place, it is tough to obtain a low offer, but you can surely follow these tricks. These will certainly help you obtain a better deal.