Is 50% a lowball offer?

There is no set definition of a low-ball offer, but most real estate experts place it between 20 to 50 percent below the asking price. For a $300,000 house, a low-ball bid in the mid-$200s might be acceptable while a bid lower than $200,000 would be rejected.

upnest.com - The Secret Art of Making a Low-Ball Offer - UpNest

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Make Your Bookie Cry And Pull The Hair By Generating $23,187

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The low-ball offer has a bad reputation, but that’s mostly because so many people don’t know how to make one. A low-ball offer is one that is much lower than the asking price while still providing reasonable compensation to the seller. Too often, low-ball bidders place offers that are too small to ever get considered. It’s possible to make a low-ball offer on a piece of real estate that the seller seriously considers. Learn the tips and tricks to make a low offer that still gets noticed.

Do Your Research Beforehand

You can’t make a low-ball offer on any house and expect a response. In a hot market, most sellers will receive offers within a few days of listing the property. They might even receive bids that are above their asking price. When a seller receives these high-quality offers, there is no reason to consider your low one. The first step to making a low-ball offer is to find the right house. A few key factors to look for include:

Homes that have been on the market for a while.

Homes that are significantly overpriced for the market.

Homes that need extensive repairs or upgrades.

If a home has been on the market for a while, the seller might be more motivated to sell and willing to accept lower offers. However, this isn’t always a guarantee. Some homeowners might want to hold out for a full offer even if the home sale takes longer. Similarly, you might have more success with a low-ball offer on a home that needs repairs. These homes typically attract fewer buyers because they require so much work and effort. If the owner doesn’t want to make the repairs, they may be willing to sell you the property at a lower price so you can make them yourself.

Keep the Low-Ball Offer Reasonable

The low-ball offer is often a jumping-off point to discuss the sale of the house. You want the seller to take your offer seriously instead of rejecting it outright. This means you still need to submit a reasonable offer that the seller will consider. There is no set definition of a low-ball offer, but most real estate experts place it between 20 to 50 percent below the asking price. For a $300,000 house, a low-ball bid in the mid-$200s might be acceptable while a bid lower than $200,000 would be rejected. Once again, your low-ball offer will depend on the price of the house and the market. You may be able to make a lower offer if the house is overpriced compared to others like it or if the seller is eager to move out.

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Be Prepared to Negotiate

Most low-ball offers aren’t accepted outright. Instead, they are used as a starting point for negotiations. The listing price is the starting point for the seller and your offer is your starting point. Together, you will meet somewhere in the middle. If the seller doesn’t accept your offer or provide a counter, it means your low-ball bid was too low. If they provide a counteroffer, you are able to offer a higher bid that is closer to what they are asking. Keep in mind that you can negotiate with multiple aspects of the sale, not just the asking price. For example, you may agree to pay more as long as the seller completes certain repairs before closing. You may also agree to different closing dates or contingencies to make the moving process easier for both parties. With each step in the negotiation, you want your offer to seem more desirable.

Prove That You Are Serious

If you want your low-ball offer to be considered then you need to prove that you intend to follow through with the deal. There are multiple ways to do this. First, increase your earnest money amount, or the deposit you are willing to pay once the offer is accepted. If the standard earnest money deposit in your area is $1,000 then you might want to offer $5,000 or $10,000 to the seller. Next, prove that you can finance the purchase. Ideally, you will make the offer in cash, which means the seller won’t have to wait for mortgage approval and financing to close on the house. Along with your bid, send over a “proof of funds” document that shows your ability to buy the house. If you can pay for the property in cash, this might include a copy of your bank statement with the asking amount in the bank. Following these steps, along with hiring a respected Realtor, can help sellers take your bid seriously.

Write a Clean and Honest Offer

Real estate scams are becoming increasingly common, which means sellers are wary of unusual offers. You want to prove to the seller and their agent that you can be trusted and should be considered as a buyer. Make sure your Realtor writes a clean offer that follows the local standards in your area. This includes a reasonable inspection window, limited contingencies, and an upcoming closing date. Depending on what you know about the seller, you can set a closing date that reflects their ideal schedule (like waiting until after the Christmas holidays) or include the option to set up a rent-back agreement for a few months.

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You want everything about the offer to favor the seller in order to take the spotlight off of the price.

Provide Reasons Why the Offer is Fair

Be prepared to defend your low-ball offer. You don’t want the seller to ignore your offer because they think there is a better buyer out there. Provide clear details about what needs to be done to the house and the estimated cost to complete the repairs. For example, if the electrical wiring needs to be replaced, you can include an estimate by a local electrician. By mapping out the improvements that need to be made, you are showcasing why your offer is fair. These are the costs the seller would have to pay in order to get the house sell-ready anyway.

Hire a Realtor Who Knows What You Want

Some Realtors don’t feel comfortable making low-ball offers. They might encourage you to make a higher bid or find another property. However, if there is a particular house you want, you may have a chance to get it at a lower price. When you meet with a Realtor, be clear about your goals. Ask about their experience with these types of offers and what they do to make them successful. This is the type of real estate professional you want to work with. To find a Realtor, turn to the experts at UpNest. We help buyers find Realtors who can guide them through the searching, bidding, and closing process. Don’t sort through dozens of Realtor profiles in your area. Tell us what you need and we can recommend industry leaders to help you.

upnest.com - The Secret Art of Making a Low-Ball Offer - UpNest

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