A colleague posted a "note" on Facebook the other day directed at buyers and their tendency to make offers that "even put low-ball offers to shame" in this buyer's market. She cautioned them by advising that they might want to mentally prepare themselves for a flat-out rejection.
I could not agree more.
She's right -- it still is a buyer's market out there. But the building you are bidding on is someone's home. There is an abundance of emotion behind each and every listed property. It doesn't matter if the sale is due to downsizing, upsizing, divorce, death, health issues, foreclosure, job change or job loss.
So when you're thinking about writing an offer on the house of your dreams remember this:
- Starting out by low-balling with no sales facts to support the price is not an effective or smart strategy. All you do is offend the seller right out of the gate.
- Asking for repairs such as replacing an outlet cover or painting window trim is out of the scope of "defects" as defined in the offer to purchase.
- Trying to squeeze every last penny out of the seller will not endear you to them.
Consider how you would feel if you were on the receiving end of your offer.
I'm not suggesting a buyer needs to or should include terms based on how they think the seller will react or what they think will make the seller feel good. But showing respect by including terms that are a true reflection of the current market and the home's condition will get you much further along in the process.