Is 20% off a lowball?

It's generally accepted that asking over 15% off the sale price is lowballing.

upnest.com - Should You Ever Make a Lowball Offer on a Home? - UpNest

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Here’s When To Make A Lowball Offer on a Home

The listing price on a home is just the starting point for what the property will sell for. Depending on the market — and the condition of the home — buyers might place offers that are below (lowball) the listing price or above. The seller will then review the quality of offers and choose the best one for their needs. Sometimes, a home buyer might make a lowball offer, or an offer that is much lower than expected. Keep reading to learn what qualifies as low balling and the surrounding etiquette.

What is a lowball offer?

A lowball offer typically falls well below the asking price. Potential buyers make lowball offers as a way to begin negotiations for a home, and they rarely expect the seller to actually accept the offer. Instead, the offer lets the seller know the buyer is open to negotiating a final price.

Agents Compete, You Win.

By making a lowball offer, a buyer can get an idea of how flexible a seller is. If the seller comes back with a purchase price that is a few thousand dollars below the initial listing, then they are more likely to accept a lower offer and remain open to negotiating than if they only reduce the price by a few hundred dollars. Of course, there is always a risk that the seller doesn’t respond at all. If the offer is too low, then the seller might ignore it altogether in hopes of attracting a better price from another interested party. If this is the case, the low balling buyer can come back with a higher offer than they originally submitted to see if the seller will negotiate again.

What is considered a lowball offer?

As a rule, anything below 10 percent of the initial asking price is considered a lowball offer. A lowball offer for a house listed at $500,000 would fall around $450,000. That being said, the market determines what is considered low balling. In some areas, and in a heated market, making an offer that is three or five percent below the listing could be considered a lowball price — especially if the owner has other offers coming in.

Should I make a lowball offer?

There are some instances when making a lowball offer can help you save money while still getting the home you want. However, these offers need to wielded carefully. Do your research beforehand to see if the timing is right to make this offer. The first step is to learn about the market. During a seller’s market, there is a shortage of homes compared to the number of buyers in the area. This means that most homes won’t stay on the market for more than a few weeks, and each home is likely to have multiple offers. This is not the time to make a lowball offer. If you make a lowball offer and the seller receives three other higher offers, yours will be rejected immediately. However, if you are living in a buyer’s market, where there are too many homes listed and sellers need to attract interested buyers, then you may be able to make a lowball offer. You can afford to be more aggressive with negotiations because the seller doesn’t have other buyers who are interested.

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How can I successfully make a lowball offer?

Once you know that the market is in your favor, you can move forward with a lowball offer. This process also takes research. You need to have a clear understanding of the seller, the home you want to buy, and similar properties on the market. Identify how long the home has been on the market. The longer a home is listed, the more buyers will wonder why no one wants it and will potentially avoid it. You may be able to lowball a homeowner who has been on the market for a while. The longer a home is listed, the more buyers will wonder why no one wants it and will potentially avoid it. You may be able to lowball a homeowner who has been on the market for a while. Evaluate the quality of the home. A well-cared-for, newly updated home will attract more buyers than a home with outdated design features or a poor location. If you make a lowball offer, provide a reasonable explanation for why it is fair. Is the property right next to a loud highway? Does the roof need to be replaced? This shows you genuinely think the home is overpriced. A well-cared-for, newly updated home will attract more buyers than a home with outdated design features or a poor location. If you make a lowball offer, provide a reasonable explanation for why it is fair. Is the property right next to a loud highway? Does the roof need to be replaced? This shows you genuinely think the home is overpriced. Find out how motivated the seller is. Some sellers need to clear out of a home immediately in order to relocate for work. Others are happy to stay at a listed property until they get an offer they like. The more your seller wants to move, the more likely they are to accept a lowball offer. Some sellers need to clear out of a home immediately in order to relocate for work. Others are happy to stay at a listed property until they get an offer they like. The more your seller wants to move, the more likely they are to accept a lowball offer. Provide other benefits to the seller. Don’t give the seller other reasons to reject your offer. Look for ways to meet their needs and make the sale easier on them. For example, you can select a closing date that is a month or two out so the kids living there don’t have to move schools mid-year. You can make a full cash offer so the seller gets the funds sooner instead of waiting for your funding to come through. Don’t give the seller other reasons to reject your offer. Look for ways to meet their needs and make the sale easier on them. For example, you can select a closing date that is a month or two out so the kids living there don’t have to move schools mid-year. You can make a full cash offer so the seller gets the funds sooner instead of waiting for your funding to come through. Avoid unnecessary contingencies. Don’t ask for the seller to make repairs before you move in or request certain appliances that normally wouldn’t stay in the home. If the seller is on the fence about your offer, the contingencies might ruin it.

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Don’t start low balling homes unless you are ready and able to buy them. Otherwise you can frustrate the seller who negotiated a price only to have the deal fall through, while also potentially damaging the reputation of your Realtor.

How do I respond to low balling?

As a seller, there are multiple ways to respond to low balling. First, you can reject the offer outright. If the offer is too low and you don’t think the buyer is serious, then it is okay to decline the offer. Your Realtor can also pass on why you rejected the offer.

Agents Compete, You Win.

Your other option is to open negotiations with the buyer. Offer a new price to the buyer that falls at a slight discount to your listing rate. Returning to the table with a new offer shows that you are willing to negotiate. It also means the buyer will come back with another, slightly higher offer than before. You both can keep negotiating until you reach a price that works for everyone. Finally, you can accept the lowball offer. However, this is rare and not often recommended. Buyers don’t make lowball offers that they expect the homeowner to accept. Even if you want to sell your house quickly, you can likely get a better price than the first one they propose.

Hire a Realtor to Help You Make the Best Offers

The best offers aren’t always the highest ones. Homesellers look at a variety of factors alongside the price, including any contingencies and the closing date. If you want to make competitive lowball offers that are respected by sellers, work with a Realtor who can help you. At UpNest, which is owned by parent company Realtor.com, you can compare thousands of agents to find the best person to work with. Try out our system today and meet the top agents in your area. Learn more today!

Agents Compete, You Win.

upnest.com - Should You Ever Make a Lowball Offer on a Home? - UpNest

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