What to Consider Before Writing a Low Real Estate Offer
November 13, 2010 by Goldilocks Estates
Columnist: Gillian Krol ~ Founder of GoldilocksEstates.com
There are several things to consider before writing a real estate offer:
1.) Have your real estate agent prepare you a comparative market analysis. Look at the prices of comparable homes listed and selling in the area where you intend on purchasing.
2.) Find out if the home is receiving many or few showings. This will help you determine if the level of demand for the home is strong and if its asking price is competing aggressively against the competition.
3.) Look at how many days the home has remained on market. This will assist you with determining if the home is well priced.
4.) Find out why the homeowners are selling. If you are thinking of writing a low offer don’t waste your time if you already know the seller is not motivated to sell at a generous discounted rate. Make sure the seller will entertain all offers.
These are only a few of things you should discuss with your REALTOR[R] before completing an offer to purchase a property.
Advice for my Sellers: In a Buyers’ market I encourage you to work with all offers despite how insulted you are when you first receive a low offer. Put your feelings aside and attempt to be diplomatic. Although you may be unable to reach an agreement with a low-offer buyer try to keep the buyer at the table and continue to counter your offer back and forth until you have exercised all options. Although the gap between an asking price and the original offer can seem too far apart to make the effort, you would be suprised at how often these type of deals are pulled together. The only other option for a seller that will not work with a low offer is waiting; however in a rapidly changing market a wait may not rule in a seller’s favour. In my opinion, you are always better off trying than not trying at all.
If you are looking for a hard working real estate agent in the Kelowna, Okanagan area, be sure to visit my website www.GoldilocksEstates.com . Thank-you for following my Goldilocks Estates Blog!