Buyer Beware: Your Lowball Offer Will Cost You A Great House...
I wanted to share this interesting post from an agent in Ohio. There are occasions when a home is overpriced and I recommend my buyers make a lowball offer, but 99% of the time I agree with this completely! There's a definite line between being a savvy buyer and being insulting.
Buyer Beware: Your Lowball Offer Will Cost You A Great House...
In our market, the average is four offers before a buyer starts making realistic offers. They do get tired of making lowballs eventually if they are serious.
Are you a serious buyer, or are you about to embarrass yourself out of a great house?
Buyers should realize early that they will not be taken seriously and can lose a great home by embarrassing themselves in front of the seller.
"What? Embarrass myself? Hogwash! This is 'just business'."
Think again...
It's not just business for a lot of sellers, and it's not just business for a lot of buyers.
Your lowball offer is insulting to the seller. Why?
- Your offer says, "I can't afford your house." If you want to pay $200,000, don't look at $250,000 homes.
- Your offer says, "I think you are stupid." If they are intelligent sellers, they have researched sales and competition in the area, and they are priced well. You just called them stupid in so many words.
- Your offer says, "I think you are desperate" and creates an atmosphere akin to calling them an ugly name.
- Your offer says, "Your house isn't worth much to me" and for some sellers, that means you won't take good care of it, and they are probably planting a rotten neighbor in a community they care about, for the friends they leave behind.
- Your offer says, "You have bad taste" and you essentially just told them they have an ugly child.
- Your offer says, "You are Mr. Moneybags." The economy is bad, I can't pay for it, and I want you to pay for entire nation's downturn. So what if we are only a few thousand apart...you will HAVE to take the hit.
- Your offer says, "I'm afraid to buy a house." My seller now thinks you are not serious, and you should probably rent.
- Your offer says, "I'm not in a hurry, there are plenty of houses." My seller isn't in a hurry either, and says, "Don't bother coming back. I would rather sell to someone who likes my house (read likes ME, MY TASTE, MY LIFESTYLE"). You just kicked yourself out of future chances to discuss/return to this house if needed.
How do you feel as a lowball wannabe buyer when a seller turns you down?
- Cheap
- Disappointed
- Degraded
- Insulted by lack of response or negative response
- Emptyhanded
- Pressured - now you have to start the process again, and may lose your rate, tax credit, etc.
If you really want the house, lowball is not the way to go for the serious buyer.
Buyer Beware: Your Lowball Offer Will Cost You A Great House...
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