Archive for April 29th, 2010
How You and Your Colville Real Estate Agent Avoid Making Lowball Offer Mistakes
Sometimes, you would hear homebuyers complaining of outright rejection of their offers. This is the same everywhere even in Colville. Unfortunately, they do not realize that they or their Colville real estate agents may have caused this rejection because of a lowball offer. It is important that you learn how to avoid making mistakes when you give this type of offer. You can also make sure that your agent does not commit the same mistakes.
- Failing to get in touch with the listing agent. Do not underestimate the huge help your listing agent can give you. He can offer valuable information that can help you write a good offer in a way that the seller will find it difficult to resist your offer. Make sure that your Colville real estate agent gets in touch with the listing agent first before you do anything. For all you know, the property may already have been sold. It is also important that you inquire about the other offers that the property might have received.
- Failing to give a satisfactory amount of earnest money. If you want the seller to take notice of your offer, you should make sure that you offer a substantial amount of earnest money. This usually means 3% of the property’s selling price. Do not give a low deposit with your lowball offer. It will only be ignored.
- Appearing too desperate. If you are going to submit a lowball offer, make sure that you do not attach a letter begging the seller to take the offer. Sellers want to make money and they do not really care if the property is your dream house. Make sure that you appear in control, so that your offer will not be taken for granted. If you are going to send out a letter of plea, make sure that you can offer a really good amount of earnest money.
- Submitting fake comparable sales report. If you are going to compare the home’s pricing to other similar properties, make sure that the report is valid and comparable. Otherwise, you might want to avoid doing this altogether. You will likely end up losing the house. This is particularly true if the house is priced sensibly. You will only end up insulting the intelligence of the Colville real estate agent working for the seller.
The next time you decide to make a lowball offer; make sure that you and your Colville real estate agent avoid making these mistakes.
