There is so much information available today on properties; it's easy for homebuyers to look up a property they like on tax records to learn what the present homeowner paid for it & how long they've lived in the place. Using that information, they then determine what they consider to be a 'fair price' for the place. This strategy ignores present market conditions, which is what dictates market value.
If the home is fairly priced, going in with a lowball offer (defined as 10% or more below the list price) may result in an offer rejection, especially if the property is a fresh listing & generating a lot of buyer interest.
A lowball offer is more likely to be successful if the property has lingered on the market for several weeks or months and/or there is seller urgency to sell (i.e. divorce, estate or foreclosure situations) that could compel a seller to accept the lowball offer. Timing is everything in this business.
Homebuyers who truly want the property, however, won't risk an offer rejection and/or alienating the seller by submitting a lowball offer. DM or contact me with any questions about homebuying or selling in South Florida. 😊
Comments(6)