What to Expect If You Submit a Lowball Offer on a Residence

by Elayne Jassey 10/01/2018

A "lowball" homebuying proposal is unlikely to do you any favors, particularly if you want to acquire your dream residence as quickly as possible. In fact, after you submit a lowball offer, it may be only a matter of time before you receive a "No" from a home seller.

When it comes to buying a house, it helps to prepare a competitive offer. That way, you can increase the likelihood of getting a seller to accept your home offer and speed up the homebuying journey.

Now, let's take a look at three tips to help you avoid the risk of submitting a lowball offer on your dream residence.

1. Analyze the Housing Market

Are you searching for a house in a buyer's or seller's market? Are homes selling quickly in the current real estate market? And are houses selling at, above or below their initial asking prices? These are just some of the questions that homebuyers need to consider as they assess the real estate sector.

With a diligent approach to buying a house, a homebuyer can become a real estate market expert. This buyer can assess a wide assortment of housing market data, and by doing so, gain the insights that he or she needs to submit a competitive offer on any residence.

2. Understand a Home's Condition

A home purchase is one of the biggest transactions that an individual will complete over the course of his or her lifetime. As such, the decision to submit an offer on a house should not be taken lightly.

To make the best-possible choice, it helps to look at all of the available information about a residence. You should review a home listing closely and attend a home showing. In many instances, it may be beneficial to check out a house a few times to get an up-close look at it before you submit an offer.

The condition of a home will play a major role in how much you are willing to offer to acquire a residence. Therefore, you should learn as much as possible about a house's condition. And if you feel comfortable with a home, you should be ready to submit an offer that will match a seller's expectations.

3. Collaborate with a Real Estate Agent

Hiring a real estate agent generally is a good idea, particularly for a homebuyer who wants to reduce the risk of submitting a lowball offer on a house. A real estate agent can help a homebuyer prepare a competitive offer, as well as ensure that a buyer can enjoy a seamless home transaction.

Furthermore, a real estate agent will allocate the necessary time and resources to help you analyze a house. He or she will even offer homebuying recommendations and teach you everything you need to know about the homebuying cycle.

Avoid the temptation to submit a lowball offer on a house – use the aforementioned tips, and you can submit a competitive proposal to acquire your dream residence.

About the Author
Author

Elayne Jassey

 

Your Neighborhood Expert!

Hi, I'm Elayne Jassey and in addition to my passion for real estate, I have a passion for my family, people, competitive games and Stamford! I have loved living in Stamford, Connecticut for the last 35 years. During that time I raised two daughters here and became quite involved in our local civic life. I was very active in Board of Education affairs during all the years my daughters spent in the Stamford public schools, and my early experience as a middle school teacher gave me a great appreciation for the strengths of the Stamford schools. I am currently a member of our Downtown Committee and I'm delighted to have participated in processes that have resulted in everything from encouraging the University of Connecticut to move into their new-in-town branch location, to bringing the excitement of the area's largest Thanksgiving Day Parade, complete with soaring balloons and marching bands, to town. 

I suspect the greatest joy in my professional life is that I meet and work with so many different and interesting people. I enjoy my customers and I am pleased that I build close relationships with them that I maintain for years. These relationships have resulted in a high degree of customer loyalty, and most importantly many close and rewarding friendships. In fact, I continue to work with people I listed, rented or sold properties to when I first entered the profession, and now I have begun selling to the next generation in their families! 

When not spending time with my family or savoring time with my granddaughter as she explores the world, I love to play games. Whether participating in a hard-fought game of Scrabble, playing cards or coming up with the answers in word games and puzzles, I am energized by good competition and problem-solving. In fact, I find creating a successful real estate transaction is a composite of all the things I most enjoy. It combines the problem-solving excitement of detective work with the joy of matchmaking. Each new customer presents a unique set of needs and goals, a special personality and a sense of individual style, all within clearly defined financial strictures. Understanding all these factors and fitting the pieces together successfully is the challenge that makes the selling of real estate so special to me. And it allows me to use my considerable energy, enthusiasm, and entrepreneurial spirit to work hard at meeting my own personal goals. 

People often say that I am a very lucky person. I agree. I live in a community I love. I am surrounded by family and friends, and work in a profession that still engages me deeply. And I've noticed that the harder I work, the luckier I am!