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In today's real estate FAQ's episode you'll learn tips for getting a lowball offer accepted!

Let's begin with some basic how to buy a house questions that come up frequently.

Nearly every buyer always asks, "can I offer less money for the house," when they are ready to write an offer.

When buying a house, the list price and terms of the contract are negotiable. To weigh the odds of what is considered a lowball offer on a house, begin with understanding if the current market is a: sellers market, buyers market, or balanced market. Depending on the type of market will determine the likelihood of getting an offer accepted on a house, especially one quite a bit under list price.

The next question that usually pops up is, "how much should I offer on a house below asking price?" That's a great question! Real estate lowball offer mistakes occur when a buyer first doesn't understand the current market conditions and trends. Working with a savvy buyer agent, when a home buyer gets ready to write an offer, the agent will double check value. If higher than reasonable then the offer should be less than asking price. If the list price and valuations check out, then it's matter of motivation on behalf of the seller and the market conditions. (i.e. are multiple bids occuring? how long has the house been on the market?)

So, how to make lowball offers on a home successfully? First, understand the market conditions. (Yes, I'm driving this point home because it's critical to your success!) Next up, find the homes with the longest days on market that you like best. Next, schedule with your trusted real estate advisor to check them out asking your agent to "comp" the property before viewing the home. Ask your real estate agent if the home is overpriced, underpriced, or at the right list price. Chances are, if a home has a many days on the market over the average in your area, the price isn't right and the seller must come down if they hope to sell.

So, what percentage is considered a lowball offer. If the home is priced correctly, anywhere from 3%- 5% under list will definitely be low. If the home is overpriced then anywhere from 7%- 10%+ will be considered a lowball offer.

Here's the deal... In practice, me and my teammates have assisted home buyers get as much as 15% off the list price on occasion even in a seller's market. While it's certainly not the norm, every property, buyer, and seller thus negotiations are unique.

To balance that fact, if a buyer wants to consistently be unreasonable by making lowball offers on correctly priced homes or underpriced homes and not listen to the prudent counsel or learn how to make a successful offer, then I will consider the buyer unmotivated to buy a house and simply fire the client.




Please understand that when real estate agent's represent home buyers, we are looking out for your best interest and will assist you in getting the deal possible for the current market on both price and terms that help you get the home you want. Depending on your motivation to get the house, days on market, price, and market conditions, terms needed (i.e. buyer closing costs, home warranty, etc...) will determine the best way to make an offer on a house.

Be realistic, be smart, and listen to your trusted real estate advisor whether you'll be able to get your lowball offer accepted or not. Sometimes it does work out.

To get the most of this video, watch it start to finish and share your questions & comments, about when to walk a way from a home purchase with our community below. Thank you.

To get honest information the next time you're buying a home or selling a house contact a great local trusted real estate advisor.

If you want help finding one of the best real estate agents in the nation, a CRS please let me know. I'm here to help!

If you want to know more about Las Vegas real estate or buying a home in Las Vegas, please let me know. I'm happy to help!

Thank you for watching! =)

Enjoy an amazing day!
-Your Real Estate Geek, Andrew Finney

Contact info:
Andrew Finney
USMC Combat Veteran/ Real Estate Consultant
License #S.0173260

Call/ Text: 702-710-0287
Email: Andrew@AndrewFinneyTeam.com
https://www.andrewfinneyteam.com/

BHHS, Nevada Properties
7475 W. Sahara Ave. Suite 100
Las Vegas, NV 89117

Designations-
Certified Residential Specialist (CRS)
Accredited Buyer's Representative (ABR)
Sellers Representative Specialist (SRS)
Certifications-
Military Relocation Professional (MRP)

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Comments
  • Ebony Simpson
    Ebony Simpson Год назад Thanks for the information because I am currently in this situation. We are submitting and offer for lower than they are requesting, but the home is over priced and needs to be repainted on the inside. What stands out to me is not walking away if they reject your offer. They counter offered us and I was about to just walk away, but we will tell them our offer is still on the table. Thanks again!!
  • Andrew Finney Team
    Andrew Finney Team Год назад Hi Ebony Simpson! Thank you for watching and for the update! Great to hear from you! Glad this video was able to help you. Did you catch the video I made from your suggestion about new home construction pros & cons? Just in case, here's the link: https://youtu.be/HNJ8raEee74 Thanks again for watching! Let us know how it works out for you. Enjoy a terrific day! Thanks, -Your Real Estate Geek, Andrew Finney
  • Ebony Simpson
    Ebony Simpson Год назад Andrew Finney Team we are under contract!!
  • Andrew Finney Team
    Andrew Finney Team Год назад Congrats Ebony Simpson! YAY!!!!!!! Very excited for you. Please update us when you get the keys to your new place. Thanks, -Your Real Estate Geek, Andrew Finney https://www.andrewfinneyteam.com/
  • Haydee
    Haydee 5 месяцев назад Ebony Simpson congrats!
  • N khan
    N khan 5 месяцев назад (изменено) Low ball offer is not 5k or 10k low, that's mean if some is offering really really low e.g is 30k or 40k low, but wait for a $500 or $100 less than sales price because that will really piss the sellers so always make a reasonable offer or move on to the next one in your price rang unless you know if the sellers are in trouble, but hey if you dont try you wont know. Very good information by the way.
  • Andrew Finney Team
    Andrew Finney Team 5 месяцев назад Hi N khan, Thank you for watching and for sharing with us! Check the show more description of this week's live stream timeline for the minute marker giving you a shoutout: https://www.youtube.com/watch?v=_ahFDFELy-g What would you like to see next? Enjoy an amazing day! Thanks again for watching and commenting! =) Chat soon, Andrew Finney https://www.andrewfinneyteam.com/
  • Adam Villalobos
    Adam Villalobos 2 недели назад Thank you for all the value!
  • Jose Gonzalez
    Jose Gonzalez 1 месяц назад Housing is finally starting to cool down. I’ve been low balling tons of properties here in the Dallas area. Hoping the market pulls back more!
  • SuperBri31
    SuperBri31 8 месяцев назад i really enjoy all your videos.
  • ttdokes
    ttdokes Год назад (изменено) You're telling people to fold on possibly getting a great deal, you are not giving solutions you just dont know how. You want a seller that's willing to negotiate if I offer 20% lower and the seller says no I'm gone, but because I didn't get my offer accepted but because he didn't even try to say no but I can take 5% off. If he says that than I'll say ok let's get an inspection then if there is other issues I might also ask him to fix them or cover closing cost. Rule 1 you need someone who is willing to negotiate.
  • Andrew Finney Team
    Andrew Finney Team 11 месяцев назад Hi ttdokes, Thank you for watching and for sharing your opinions with us. How's your strategy working for you in the current market? Thanks again for watching! Enjoy an amazing day! Thanks, Andrew Finney https://www.andrewfinneyteam.com/
  • Shelley Sheri
    Shelley Sheri 3 недели назад I feel the same. The worst the seller can say is no and you can move on. Many times I have been told I need to stop low balling....but I seem to always end up with good deals. Granted I have made some sellers not counter me, but I can live with that and move on to the next property.
  • Subscribe To Me
    Subscribe To Me 6 месяцев назад Would you consider offering 70,000$ for a 79,999$ home a low ball offer? The house was originally priced at 83,000$ but they are now selling the house at 79,999$