What needs to be done? Determine what changes will truly NEED to be made to the home to bring it up to par. Be realistic, but thorough. Will you need to replace carpeting, repaint, renovate out dated cabinets and bathrooms, repair plumbing, roofing, or electrical items, does the HVAC work property? All of these items should have an attached value or depreciation amount. Make a list of all of the items and the estimated cost to replace or repair these items. This can be submitted with your offer so that the seller can at least see where you are coming from with your low offer.
Be Respectful!This may sound crazy since you are trying your best to buy a home below market and point out all the negatives to the homeowner. But, if you work with a professional Realtor and keep emotions at bay, your offer should be presented in a respectful manner. Keep in mind that ALL sellers think their home is worth more than the buyers do. You should be considerate and present your offer in the best way possible. If possible, attach a letter to the seller thanking them for allowing you to view their home. This can go a long way with keeping the communication lines open with the seller! State that you are aware of their list price but would like to respectfully submit an offer of 'x' amount of money because of the following reasons. List that the kitchen remodel will require at least $40,000, or a new roof is estimated at $14,000, or the market comps simply do not support their asking price, etc. List all of the repairs and estimated costs in writing for the seller. Remember that your time and labor to make the repairs is also worth money! When offers are presented in a professional way and negatives are addressed in a business like manner with facts and figures attached, it takes the emotion out of the offer.
Be prepared for negotiations! That means have your absolute top dollar in mind, but don't start off with that amount in your first offer. Occasionally a take it or leave it offer will work. Especially if the home can be closed quickly and with cash funds. But most offers will need to be negotiated and may go back and forth between buyer and seller several times. Be prepared to be patient and negotiate!
Hopefully, the seller will see your offer as a business proposal and respect the time and effort you put into making the offer. It helps them see how you got from price A to price B and make them more willing to negotiate. When a 'low ball' offer is just thrown in their lap it can often be offensive to the seller and those offers are quite often just rejected. The goal is to open the lines of communication and start the negotiating process. Low ball offers are certainly not the norm for your average real estate buyer and are not always accepted. However, if you are a home buyer that falls into this category, these tips may help lead your next 'low ball' offer to a successfully closed sale!How Long Has The Home Been Listed? Check to see how long the home has been on the market. Don't make the mistake of simply looking at the days on the market on the MLS sheet! I see this happen all the time! Make sure that your Realtor has done a complete and thorough search of the MLS to see if the home has been expired, withdrawn, or listed with various realtors. What was the original list price of the home? Has it been reduced? If the history shows the home has been on the market for 265 days with no price reduction that is a big red flag you that probably have a seller who is not interested in negotiating the price! If the home has been reduced multiple times and the home is already under market, the seller may already be at their rock bottom price.
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