There are many things to consider when offering a seller a low ball offer. Some homes are not susceptible to low ball offers and one would just be wasting there time trying to submit a low offer on these homes. Homes usually sell for around 96% of there asking price, but there are some homes out there that can be low balled and be thankful for even getting an offer at all. Here are some things to look for when considering a low ball offer:
- Length of time on the Market: If a home has been on the market for four months or longer chances are the seller is becoming somewhat frustrated and is looking to move on.
- Previous Purchase Price: Unless the property is outside of the Realtors area of expertise he or she more than likely can tell you what the sellers paid for the property and when they bought it. This information can be pulled from PVA records or from the MLS (Multiple Listing Service). If the sellers purchased the home for significantly less than the asking price I would say this is another sign that you can low ball them.
- Motivation to Sell: Some people sell there home just because they like another home in the area and would like to move but don’t necessarily have to. These people can’t be low balled. But if you walk into a home and it is vacant or there are moving boxes around, this home may be ready to low ball.
This isn’t a full proof recipe for getting a home below market value but homes that meet all of these qualification are totally vulnerable to be low balled. A good realtor can usually get you all this information.
From the archives, I remeber staying up late (4:00am) for the Olympic gold medal game featuring Spain and the United States. Without a role player and one of my favorite all time UofK players ever; Tayshan Prince the USA looses to Spain that day. The USA team was so talented that most of its stars skipped College and went straight on to the NBA once Spain inplemented a two three zone (illegal in the NBA but used often in the College ranks) the superstars didn't know how to handle it. In steps in Tayshan who gets in the middle of the zone and knocks down two 15 jumpers right in the center of the Spainish zone and completley bust it apart and propels the team to victory. This article was inspired by that game and takes you through how buying a new home takes team work and how I use team work to give my clients top notch service.
I’ve seen many potential buyers search the internet for days, bouncing around from site to site, spending hours upon hours searching for houses before they commit to buying a home. After deciding to purchase a home, the first step is usually one of two things: A) They go to a lender and see what they can afford or B) They meet with a Realtor and start looking at houses. When I run into someone who fits option B I always take them to a mortgage broker. This way we can have a good starting point for our home search and I can find that person a home that fits their budget. Today I was working with someone from option A. This person had already done all of his preliminary paper work that comes with getting a loan and was going to speed up his home purchase. I mentioned several times that I would like to talk to his loan officer but he didn’t feel it was necessary. He wanted to take care of that stuff himself. I was just to write the offer. What he didn’t realize was that not all types of mortgages work for all homes....