A soft real estate market often confuses those buyers when they try and lowball Windsor properties. While for many sellers eager to sell their homes, buyers sometimes can see the desperation and make an offer that many would say is unreasonable.
While making a low offer on a home that has been sitting on the market for along time is acceptable, often buyers can shoot themselves in the foot and erase all possibilities of buying a particular home as it can offend the seller. Here are the common mistakes buyers make when submitting a lowball offer.
1. Not Understand Comps: Your real estate agent should have provided you with a full comparative market analysis of the property which will determine what a fair price is. If the home has been on the market for some time, then an aggressive bid is understandable, but if the home is in a desirable area where homes are sold quickly, then base your bid realistically.
2. Not Selecting An Experienced Real Estate Agent: Pick a trusted agent that knows Windsor properties well. They can give you information on the status of the home, the neighborhood and if your bid is fair.
3. Explain Your Bid: Chances are, if a seller doesn’t reject your low bid, they will want to know why you have submitted such an offer. Be ready to back it up. Don’t be critical and imply that you know the seller is desperate, but rather show statistics and include any repairs that may need to be made or any other issues you have with the property (not desirable school district for example) that justifies your offer.
4. Know Your Final Price: Don’t put limits on your first bid. If you say that this is your “best and final bid,” you may be setting yourself up for failure. Say what you mean and mean what you say.
5. Not Making An Easy Offer: If making a low bid on any Windsor properties, then sweeten the deal other ways. Go for a short escrow and have as few contingencies as possible.