Sunday, September 21, 2008

Low Ball Offers - Will you hit a home run?

Sometimes you can make those low ball offers but you need to be careful if you "want" the house. The seller can get insulted with your low ball offer or just be ticked off for the principal of it all.

To make a low ball offer that might go through or at least have the price end up more in your ball park, you need to do your homework. You need to know how long the property has been on the market and how many price reductions it has had. You also need to know when the seller bought the house; last year, five years ago or ten years ago. This would help you assume perhaps that there is some equity so the seller will negotiate down. You need to know if there is a first mortgage on it. Is there a second mortgage (home equity line) on it that can eat up the equity? Is the property vacant and is the seller paying for the loan, utilities and lawn care?

You need to have a REALTOR help you with your strategy and research so that you can successfully hit that home run! Call me today for a counseling session in "Low Ball Offers"!

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