By AMY HOAK
For some home sellers, it was a long summer without a home sale. That means this fall, some buyers — smelling the desperation — may be able to cut a better deal.
Top mistakes when making a low-ball offer on a home: If you’re thinking of making a low bid on a home, avoiding these mistakes will increase your chances of getting an accepted bid. Amy Hoak has details on Lunch Break.
“Sellers who had their homes on the market all summer are anxious to move on, especially before the holidays hit,” says Bill Golden, a real-estate agent with ReMax in Atlanta. The closer it gets to the holidays, the more anxious unsuccessful sellers can become, he says.
Other sellers will choose to let their listings expire and try again next year. They, too, may be willing to make a deal in order to sell their properties, even if they’re no longer actively trying to sell their place, says Patrick Carlisle, chief market analyst for Paragon Real Estate Group in San Francisco.
The key to making an aggressive “lowball” offer on a home is to start by finding properties that have languished on the market for a long time. The softer the market, the more likely the strategy will work, Mr. Carlisle says.
But buyers can get tripped up. Here are six things you need to do when making a lowball offer.
1. Understand the market
Before submitting an offer, your real-estate agent should do a full comparative market analysis of the property to determine what its fair market value is, Mr. Carlisle says.
For instance, it’s still a buyer’s market in the Richmond, Va., area, where Susan Stynes works as a real-estate agent for Long & Foster. Ms. Stynes says she wouldn’t hesitate to encourage a client to make an aggressive offer, after considering the time the property has been on the market and neighborhood comparables.
But in other markets a low offer won’t get you far, says Stephen G. Kliegerman, president of Halstead Property Development Marketing in New York.
2. Pick the right real-estate agent
read more at…
How to Make a ‘Lowball’ Offer – WSJ.com.
