6 Responses

1. Mike

   July 22nd, 2008 at 10:27 am

   1

   There is nothing wrong with making a fair, reasonable offer that is well below the asking price. I wouldn’t present something that is obviously a lowball because you might offend the seller or make them think you’re trying to take advantage of their bad situation and they won’t deal with you (it’s happened); just offer close to what you feel the property is actually worth and go from there. There’s no shame in that.

2. ekrabs

   July 22nd, 2008 at 1:12 pm

   2

   Agreed, there’s nothing wrong with it.

   They shouldn’t take it personally. It’s just business. In fact, if they know better, they would’ve listed it higher than the amount they really want, fully expecting people to counter-offer with a lower bid.

   Even for houses, haggling is very common.

3. Jacquelyn Hart-McCoy

   July 23rd, 2008 at 11:47 am

   3

   I think you are cheating yourself if you don’t go for it in this kind of a market, you never know what price people will accept. I am seeing this happen a lot where I live. Some people can’t afford to take a loss but some may have bought in the 80’s or 90’s and will still profit from your offer that is 30k less than asking price.

   I can say from experience that the relators will try to shame you into making a higher offer, but I never let that bother me.

4. Tim Cox

   July 23rd, 2008 at 12:44 pm

   4

   It depends on if they’re elderly or not:

   Elderly, you need to offer something reasonable.

   Not elderly, you can offer whatever you want.

5. Victoria P

   July 23rd, 2008 at 9:36 pm

   5

   Hey, you sound as though you are in a similar position that I was in a few months ago. In May, my fiancee and I bought a house here in Orlando. We decided we were comfortable with low-balling, but realized that it wouldn’t do much good in many situations. The biggest problem? People are unwilling or unable to sell for less than their mortgage is worth, and in many cases, owners mortgages were higher than what we perceived to be the current value of their house.

   That was our experience! We did eventually find a home that was right for us, and we love it. Good luck!

6. author

   July 23rd, 2008 at 11:47 pm

   6

   Thanks for the advice from all three of you. I find that realtors make you feel bad about it as well. I don’t like that. I am the customer. They shouldn’t tell me how to buy something, but rather help me buy it.

   We will offer what we think it’s worth. Actually, the situation is good. The house we’re looking at is owned by a company that bought the house from a couple who was relocating because of a job. Basically, their company bought the house from them to lure them into the position. So, I won’t be offending the seller or “taking advantage of their situation”. This makes me feel a little better about putting in an offer about $50k less than the asking price.