As more and more homebuyers enter the market due to low, low interest rates many still want to make low ball offers. That is understandable. You are a homebuyer trying to find the sellers bottom line. But how low can you go? That is always the question.
Erick Blackwelder my brother-in-law real estate partner shares his thoughts and experience on this subject. Many home buyers believe they can offer $20,000 - $30,000 less than what a home is listed for.
As interest rates remain low, and the more home buyers that enter the marketplace, inventory levels will most likely remain low. That means more competition for you. If you are hoping you can make a low ball offer and that a seller will accept that. For your plan to work, you will need to look at homes that others have rejected. You will need to look at homes that need repair, or short sale homes that can take months ( sometimes a year) to go to closing or you could try making an low ball offer on an overpriced home that has been sitting on the market for quite sometime. You success will depend on the type of financing you have been pre-approved for. CASH is KING. The stronger your down payment and your terms are for the seller the better your chances are of getting a low ball offer excepted.
TFP- (Tip From Peg)- For Sellers. It is important for you to remember that we must sell your home three times. We need to sell your home to the market, then to the buyer and then to the bank through the appraisal process. Homebuyers use all types of financing and some buy with cash. When you have a CASH Buyers traditionally the offers will be one to two percent lower than a financed purchase. Curious to know how many homes were sold by cash in Prince William County Virginia? Check out the stats for September Most homebuyers need to finance a home loan. In our area conventional financing, FHA Financing and VA financing are the norm.
For more helpful tips and local Woodbridge Virginia real estate information visit http://ErickandCompany.com
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Note: This real estate blog is written by me Peggy James and it is is my opinion and may not reflect the opinion of Exit Choice Realty 14067 Crown Ct, Woodbridge Virginia 22193.
I have been blogging since 2008 and I am a full time REALTOR® .