Homes and Condo Mississauga

Lowball Offer Basics: 5 Things To Know


5 things to keep in mind when making a lowball offer

1. Understand the market. If it is a buyers' market, you have less competition and more bargaining power. On the market of a seller, homes are more popular and the chance of a successful low bid is less. It is a matter of simple economy. Rely more on market conditions than the price of the house when making your offer. Have your agent carry out a comparative market analysis to understand what other properties in the area have sold recently and move on from there.

2. Days on the market. How long has the house been listed? If you've watched the listings, you'll notice that a house is still appearing in your feed. As days change in months, despair increases and, depending on the situation, the seller can accept a low bid. They can be market conditions that are at home on the market without a hitch, or it can be the condition of the house. There may be room to come low, but also a reason to do this. Have the house inspected to ensure that any problem areas can be remedied and at what price.

3. Sweet a low bid with a clean offer. When a quick sale is the goal of the seller, it is a good addition to a low bid, a clean offer. The seller probably already has the feeling that he or she makes concessions on price, so the removal of conditions such as financing provisions will help. To help you stay agile at the presentation table, make sure you get a pre-approval for a mortgage before you start shopping. You are already approved for funding and you know exactly how much you can spend. If you remove this condition, the scale may tip over in favor of faster sales.

4. Understand the seller. Knowing the seller's reasons for offering a list of their home can help to inform your strategy. Maybe the homeowner has already bought another house and needs to upload it to avoid having to pay double mortgages, double property taxes, duplicate utilities, you can understand it here. Perhaps the owners have inherited the property and have no interest in keeping it. A new baby, a new job or a lot of other factors may also suggest the need for a quick and clean sale.

5. Make it low, but make it fair. Do not run the risk of insulting the seller or the listing agent by making a totally unreasonable offer. Ultimately every seller wants a fair price, just as every buyer wants a bargain. Do not waste time on the seller – or yours – with an offer that you know is not accepted. Be honest and be prepared to give reasons for your discount offer. It can be market conditions, the condition of the house, the location of the building, the time the house has been on the market or something else entirely.

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