Making Offer on house
Secrets about what the seller wants
Before making offer, you have to realize that every seller has a bottom price in mind. It is never a deep discount from the listing price. A seller that needs to sell will start dropping their price gradually. Tips on making offer.
A seller that has the same asking price for a while will not all of a sudden counter your offer with a 40% discount just because you want a “steal”. There may also be multiple offers on the house, which diminishes your negotiating power.
If the seller is willing to “give it away” the listing agent will buy it before it hits the market and either keep it or re-sell it. Sorry, but that is how it happens. Making an offer takes skill that only your buyers agent has.
Making offer: Buyers wallet does not determine value
Value is determined by what the market will bear with a comparable of sold properties that are similar. The property can be priced pretty much at market value, or it can be priced a bit below. It can also be priced too high because the seller needs that extra money because they may owe too much on the property. Sometimes the seller wants to recoup every penny they have in the property, or they mistakenly think their house is special.
When making an offer, a home buyer cannot devalue a property simply because it does not fit their budget. Ask us what we think…we will always give you a straight answer. 407-539-1053
Two ways to make offer
- Low Ball the property. That will guarantee that the seller will have a bad taste in their mouth about you as a buyer. More than likely the seller will not respond or they even may respond with a higher counter offer than they would have. Seller may decide they don’t want to sell to you at all. In this case all the negotiating power now shifts entirely to the seller.
- Unless the property has been on the market for years, is in terrible condition, or cannot be financed you should skip the “low ball” theory. Making offer like that only works on the infomercials on TV. Alienating the seller is not the way to get the best buy in Orlando.
- Reasonable low offer on the property. Give the seller some incentive to think that you are a reasonable buyer. You can sit tighter on your offer and negotiate just a bit. This works better and does not turn off the seller.
- Every situation is different when making offer, with a different seller mindset. Listing agents all have their own opinions and they do have influence on the seller. Most importantly, the property price may or may not be in line with the actual value of the property.
Before making an offer we can give you all your options on how or what to offer. The final decision is always yours. Call us 407-539-1053.