Ignite FB Tracking PixelWhat to Expect If You Submit a Lowball Offer on a Residence - Paula Volpe Myhrer
Signature Sotheby's International Realty Bham
Paula Volpe Myhrer, Signature Sotheby's International Realty BhamPhone: (248) 961-4323
Email: [email protected]

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

by Paula Volpe Myhrer 11/30/2019

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

Paula Volpe Myhrer

I love what I do and after raising my children as a stay-at-home mom, I'm blessed to be a full-time Real Estate agent today. I have been married over 26 years to my husband, Dave, and we have two grown boys. I love God, traveling, the outdoors, and having quality time with my friends.

  
After earning my MBA, I moved back to Brazil with my husband, working and livingthere for 11 years before moving to Michigan in 2003.
I have been a resident of Troy for 17 years. I have invested in properties, remodeled, sold and managed rentals in Ferndale, Royal Oak, and Sterling Heights.

 
Having relocated I understand the importance of having a pro on your side. Real estate transactions are often very emotional experiences. It is a major financial step. I truly understand what you are going through in making a move.From relocating, downsizing, upsizing or finding that perfect 2nd home for getaways or investment, I can help! 

 
I believe in giving you my full attention & carefully listening to your needs and wants. I'm here to guide you through the process! I pride myself on being available to my clients; I will always be responsive to your call,text, or email!
I am fluent in English and Portuguese.
 

“Success is no accident. It is hard work, perseverance, learning, sacrifice and most of all, love of what you are doing”.
Pele