Clues That Could Suggest You Can Get Away With a Low-Ball Offer
Posted on: 16 December 2016
When you're shopping for a home and find one that you like, you'll need to meet with your real estate agent to come up with an offer price. It's customary to offer a slight bit of money less than the house's listing price. This will allow you and the seller to engage in a bit of price negotiation to ideally find a number that suits you both. While submitting a "low-ball" offer can sometimes annoy the seller to the point that he or she refuses to negotiate with you further, there can occasionally be clues that suggest a low-ball offer is a good idea. Here are some of these clues to watch for.
The House Is Vacant
A vacant house is a pretty overt clue that you won't struggle to notice. When a property for sale is in this situation, it will often mean that the owner has already moved. As such, the seller is likely very motivated to sell, as he or she could be carrying two mortgages at the same time. Many homeowners are understandably reluctant to carry two mortgages concurrently, given the cost of doing so. This can mean that you may be able to submit a low-ball offer and have it accepted. Or, if the offer isn't accepted outright, the seller may counter with a price that is still significantly lower than the home's asking price.
The Seller Is Moving Far Away
In some cases, you'll get a sense that the seller may be moving far away — perhaps across the country or even to a different country. The seller agent may divulge this fact to your agent, or you may notice clues around the house — for example, books about living in South America. Learning this information works in your favor. A seller who is moving a considerable distance will definitely want to sell the home before moving away, which could mean that the seller would accept your low-ball offer.
The Seller Is Getting Divorced
You can occasionally learn that the homeowner is in the middle of a divorce. The seller agent could say something that suggests this fact, or you might even see books or paperwork related to the divorce sitting on the counter. (This doesn't mean that you should snoop in someone's home, but sometimes, such details are evident without snooping.) Divorcing couples are often eager to sell their home so they can use the money to find alternate living arrangements and, in some cases, so that they no longer have to communicate with each other. This can work into your favor and a low-ball offer may be accepted.
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