When Making Lowball Offers For Your Spanish Fort Real Estate

If you are a home buyer who had eyed a property which is way out of your budget

, dont lose hope, because there are other similarly built homes out there which might match with the minimal money you have saved for a house. Fortunately, in a buyers market, you can have your way around; or even start off or make a low offer for your chosen property, say, among Spanish Fort homes for sale for example. Given here are a few tips to help you out on making a lowball offer, and how to do it as successfully as possible.

1. Do some background checks or gather as much information about the seller and his/her property.

Your real estate agent can ask the sellers representative or listing agent with regard to this. But, if both of you cant squeeze anything from them, then, ask around such as the neighbors. The foremost question you should post is: Why and when did the seller decide to sell his house? By having these significant information, you can put up your lowball offer to light, that is, if it reasonable or not.

2. Show the seller your pre-approval letter.

This might be good as cash, as it proves that you have the capacity to pay for the house, perhaps one among Spanish Fort homes for sale for example; and of course, that you are that dead serious on purchasing the property, such as in Spanish Fort real estate if youd like. For many seller, its better to receive a lowball offer with the preapproval letter attached, than, not gaining anything at all, especially, with the condition of the real estate market these days.

3. Justify your low offer.

When making offers that are lower than the sellers price, it is quite obvious that these need to be justified. Again, ask your real estate agent to help you on this by providing you with a list of comparable properties in the area, such as in Spanish Fort real estate, and how much were these sold comparing it with their initial list prices. Just make sure that the data will side with you, or else, your lowball offer and including you will never be considered by the seller.

4. Make some reasonable alibi to the seller by giving other options.

Oftentimes, making compromises do work. Even if youre making a low offer, hand out a larger earnest money deposit. You can also take the risk of taking the property as is, hoping that some major repairs have been fixed before it was listed in the market. Agree to some aspects in the purchase contract such as a long escrow and giving the sellers ample time to move to their next place. Hopefully, the seller will recognize your genuine concern not only toward the transaction, but for their requests as well.

Making lowball offers is a risk, and in which some home buyers are willing to take; provided that these are backed up by a thoroughly studied and well-executed discussion with the sellers.

by: Ben Herb

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