If you're planning to offer a lot less than the list price for a home in Scottsdale real estate, known as a low-ball offer, there are some things you need to understand to pull it successfully. This is generally ten percent or more below the price being asked by the seller, so this can be really difficult to ask. However, with the right strategies and moves, the seller may accept your offer.
If you're purchasing in a buyer's market, this can be a bit easy, but if you're shopping in a seller's market, it would be rather difficult as sellers usually receive numerous offers. It's important to know the kind of marketplace you're in so you can carefully make your plan on what you have to do. Just remember that no matter what the type of market is, lowball offers can really save you a lot of money.
Here are some tips you can follow to make a successful lowball offer:
- Determine the reason why the seller is selling the property so that you can meet his/her needs. If you know his/her motivation, you'll be able to organize your offer to be able to satisfy the seller's needs.
- Write a good purchase offer that will make show the seller that you're serious and qualified to buy the home. Don't request items that are not typically requested; shorten the period of home inspections; lessen or even waive some of the contingencies; moreover, submit a pre-approval letter from your lender.
- Do not be discouraged if you receive a counter offer; instead answer it with another counter offer. Remember that the first counter offer from the seller is a way to invite the buyer to negotiate more.
- Turn your attention away from the property's price as there are other factors that need to be considered. It's advisable to change your strategy and request some other concessions like longer periods of escrow, repair credits, or closing cost credits. You may even turn your focus on tangible things like appliances or furniture.
- It's also wise to give a valid reason why your offer is just and not just giving a list of comparable sales to the agent. You can make notes on every sale that compares to the house, for example, show the higher priced homes have remodeled rooms and the house you want to purchase isn't updated, then you can deduct a reasonable number that will reflect the remodeling work from the list price of the seller.
Buying a property from the available Scottsdale homes for sale will cost you a lot of money so you need to be well-prepared. It's advisable to do everything you can to be able to save and one of the ways to do it is through a lowball offer.
Kristen Edwards is a freelance writer who specializes in writing content about real estate, business and investment. Check out great Scottsdale homes for sale and Scottsdale real estate listings.
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