Many sellers price their property knowing that they may receive at least 10 percent less than the fair market value. In fact, many increase the asking price in order to leave room for negotiation. Some buyers won’t make what they might consider a low-ball offer for fear of insulting the seller – but if you don’t ask, the answer is always no. There are ways of presenting the offer that will make it more attractive to the seller.
“When we purchased out last house, my husband and I knew exactly how much we could spend. We estimated what we would be getting from the sale of our current home, which was not yet on the market, and factored in debt that we wanted to eliminate. After seeing the house several times, we made a very low offer based on what we could afford. We weren’t playing games; it’s just what we could afford. Our agent was a little bit hesitant to submit it, but agreed to do so. Our offer was accepted and we were thrilled! The seller was happy, and we were happy, and settlement was a breeze.”
Research how long the property’s been on the market. If it’s over 30 days and no reduction in price has occurred, you’ll get a better understanding of the seriousness of the seller. Start your offer at 20-percent below asking price if you’re in a buyer’s market. Click to read full article.
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