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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) Awesome Music Courtesy of: Song: Syn Cole - Feel Good [NCS Release] Music provided by NoCopyRightSounds. Video Link: https://www.youtube.com/watch?v=q1ULJ92aldE Download this track for FREE: http://bit.ly/SynColeFeelGoodDL
What is price anchoring? Between you and your client, who should say the price first? How do you know if your prospects can afford you? What do you do when a client lowballs you? #PriceAnchoring #cheapclients #pricingcreativity #graphicdesign #thefutur #anchoringbias 00:22 - Do you put a number down first? 01:02 - Anchoring Scenario 01:57 - What is anchoring? 02:03 - Another anchoring scenario 02:38 - Ignore the Anchor 03:35 - Heuristics Pricing Creativity by Blair Enns https://www.winwithoutpitching.com/pricingcreativity/ – 👉Subscribe: https://goo.gl/F2AEbk We love getting your letters. Send it here: The Futur c/o Chris Do 1702 Olympic Blvd. Santa Monica, CA 90404 USA Want a deeper dive? Typography, Lettering, Sales & Marketing, Social Media and The Business of Design courses available here: https://goo.gl/bRt5qd — Love the content? Become a sustaining member for $5/mo today. https://goo.gl/nwekfL Our BOOKLIST: https://goo.gl/onrdxr Kits & Proposals: https://goo.gl/mSjuWQ Visit our website: https://www.thefutur.com FREE resources: https://goo.gl/Qh6gHr Mandarin (Chinese) Subtitles on UiiUii https://uiiiuiii.com/?s=the+futur — OUR AFFILIATE LINKS* Skillshare: https://goo.gl/YCo2uT Amazon: http://a.co/7abg3DD Creative Market: https://goo.gl/g4jlTE Artlist: http://bit.ly/2uWdna7 — Futur Podcast on iTunes: 🎙 https://itunes.apple.com/us/podcast/the-futur/id1209219220?mt=2 — Host– Chris Do Cinematography– Aaron Szekely, Mark Contreras Live Editor– Erica Pead Editor– Stewart Schuster, Mark Contreras, Aaron Szekely Futur Theme Music – Adam Sanborne http://www.adamsanborne.com Typefaces: Futura, Din, Helvetica Neue Futur theme song— Adam Sanborne === *By making a purchase through any of our affiliate links, we receive a very small commission at no extra cost to you. This helps us on our mission to provide quality education to you. Thank you.
http://www.biggerpockets.com/askbp006 - When you buy real estate, you need to get a GREAT deal. However, if you offer too low, you risk offending the seller. So how do you submit a low-ball offer without offending the seller? How can you snag a great deal without ticking off the seller? In this episode of the #AskBP Podcast from BiggerPockets, Brandon Turner addresses this question and leaves you with a killer good quote!
In today's home buying tips episode you'll learn 12 negotiation tips when buying a house! **Watch the full video to learn the best real estate negotiation tips for buyers! Thank you.** When buying a house, it's first important to identify the current type of real estate market your in. For example, a seller's market, buyer's market, or a balanced market. The buying a house negotiation tactics in this episode will serve you very well in any market. The use of the real estate negotiation strategies in this video may be slightly different in approach depending on the market conditions, at the same time, they will prove invaluable to your success! Here's a timeline of the how to negotiate real estate tips in this video. Please watch the full video first, then go back to your favorite parts. 1. 1:25 - Get Your Financial House in Order First! 2. 4:11 - Don't Get Hung Up on Small Price Differences! 3. 5:10 - Offer the Home's Value NOT Necessarily the List Price! 4. 8:16 - Be Ready to Move Quickly! 5. 10:13 - Don't Assume That Inspections Reopen Price Negotiations! 6. 12:10 - The Answer to an Unasked Question is Always NO! So, Ask! 7. 13:09 - Find Out Whey The Seller is Moving... If Possible! 8. 15:34 - Google Everything! 9. 16:43 - Expect to Compromise! 10. 17:59 - Look Past the Decor! 11. 18:59 - Terms Can be MORE Important Than the Offer Price! 12. 21:35 - Write a Personal Letter to the Seller! Share your favorite part of this video and your savvy real estate negotiation tactics with us in the comments section below. Thank you! 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! Want to know more about Las Vegas real estate negotiation, Las Vegas real estate, or buying a house in Las Vegas? Send me a message. 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/ Trusted Real Estate Advisor 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) Awesome Music Courtesy of: Song: Syn Cole - Feel Good [NCS Release] Music provided by NoCopyRightSounds. Video Link: https://www.youtube.com/watch?v=q1ULJ92aldE Download this track for FREE: http://bit.ly/SynColeFeelGoodDL
http://www.REIClub.com Negotiating Counteroffers Requires Poise and Patience. Here Are Some Negotiating Counteroffer Tricks for Real Estate Investors... SUBSCRIBE TO OUR YOUTUBE CHANNEL http://www.youtube.com/subscription_center?add_user=reiclub SUBSCRIBE TO OUR FREE NEWSLETTER https://www.reiclub.com/real-estate-newsletter.php LET’S CONNECT http://www.facebook.com/reiclub http://twitter.com/reiclub https://plus.google.com/+reiclub http://www.pinterest.com/realestateclub/ Hi, this is Frank Chen with REIClub.com, the only site you need as a real estate investor. Today I've got a quick video on how to negotiate a counter offer. Many investors will tell you to offer between 50-80% of the listing price, but the issue with that, is every property is different and there are many scenarios where your first offer won't always be accepted. So what happens when you get counter offered? Step 1: Be Prepared when Negotiating Counteroffers - MLS printout - read the remarks, DOM - Property comps for similar properties being sold in the area - same parameters - Public Tax Records - Tax Assessment to give you a ballpark comp - Investigate - owner occupant, investor, investment group, bank owned? - When was the property last sold? How much? - find this out from your realtor - Title, mortgage and liens - find out if property is "clean" Step 2: Establish Your Bottom-Line - How much can you comfortably offer on this deal, and still make a decent profit? - Establish your bottom-line so you don't get pushed around and make a poor decision Step 3: Getting The Price You Want - Goal: Raise as little as possible, and have the seller come down as much as possible - Incremental - Each counter needs to be slightly less than the original increase. EX: 100K first offer, 103K second offer, 105K, Third Offer - This shows the seller that you may be coming close to your bottom-line Step 4: The Waiting Game - You want your seller to feel anxiety and make an impulsive decision - Don't counter immediately, it shows eagerness and desperation - you lose control - Take a few hours before submitting your counter - 4-6 hours - Tell your realtor you need time to think - Tell your realtor its going to be really hard to reach the price they want - Tell your realtor you want to start looking for other properties in the area - Hopefully your realtor will passively convey this message to the seller, which will create pressure ***Understand that the realtor is essentially looking out for their personal interest, their commission. So if they sense weakness from either you or the seller, they will tend to put a bit more pressure on the weaker party to get the sale finalized. Step 5: Final Offer - "Is this the best you can do?" - This is my final offer - Have the confidence to walk-away - its more powerful than you think Step 6: Follow-up Offers - If you are really interested in the property, send a follow-up offer at a slight increase - It might stir up another phase of negotiation. Avoid the Following: - Don't be overly critical on the property to lower the price - may offend or annoy seller - Don't express your position to anyone, not even your realtor - Don't low-ball your offers - immediately get rejected - avoid this by researching - Don't give ultimatums - "if you don't take this offer, you're looking at several months of vacancy" - Don't get PERSONAL - it's about the house, not about you. Not all counter offers will be unacceptable. Assess the property of interest, know your margins, and if the numbers are right, whether it is at your price or the sellers, you should make a move on it. It all comes down to the numbers, whose more prepared, but most importantly, who is more patient. Every dollar you negotiate down, is a dollar saved. The best advice I can give you, is don't get discouraged, and don't take anything personal. It's all part of the sales game. Again, this is Frank Chen with REIClub.com. Please take the time to leave your comments for this video below and please subscribe to our YouTube channel so you'll be automatically notified when we upload more quick video tips for you. Take care and good investing. http://www.youtube.com/watch?v=lQXK4UfWar0 "REIClubRealEstateInvesting"
Here are a few tips from Renzo Real Estate on how to best handle a low ball offer as a buyer's real estate agent. As Realtors, we often have these discussions with buyers centred around "wanting a deal". In this video, you will learn more about how to handle this