One of my own pet peeves about low ball offers is not just the typically poor presentation of them (verbal offers or incomplete ones) but also the timing of the presentation of those offers. In my opinion, a low ball offer must be timed right. Now, let me be clear if you are right about the price and the seller is just plain wrong — you are not really low balling in my mind. What you may be doing could be properly classified as “putting the real in real estate.” However, if you are clearly breaking new ground looking for a bargain basement deal — you are low balling — and you have to be aware that there is an art to it. Presenting a complete and polished offer is a part of that, and the TIMING of that offer is also important.
So often I see people jumping up on the first day a reasonably priced home is listed to present a low ball offer. Imagine you are the seller on the other side of that equation — are you ready for a low ball on day one? The very first day you put your precious home on the market are you ready to consider an offer 20% below your list price? I would say that 99.9% of the time the answer to that is no! And how does the seller then feel about that buyer? Are they inclined to go back to you if their home doesn’t sell for a higher price, or would they rather sell it to someone else for the exact same price when they are then ready to accept it?
Copyright© 2011 Tni LeBlanc *The Rush to Lowball*