Is That Home Ready for a Lowball Bid?
When looking to buy a home, it is important to get a bargain, if possible. And in the house buying game, part of the process is looking for a home that might be ready for a lowball bid. Money Talks offered these five things, taken from a Newsweek article, that may indicate that you could benefit from offering a lower home bid:
- Seller getting ready to move. (Or may have even already moved.)
- After 90 days being listed, there has been no price change on the home.
- Equity is available on the property; it’s not at risk of being upside down.
- In a new development, the home is the last one.
- The home sale is part of an estate sale or a divorce proceeding.
Another consideration could be a home in foreclosure, or a home in danger of entering foreclosure proceedings. You might be able to benefit from a short sale in such cases. Or, in the case of a foreclosure, you might be able to get the home for much less as the bank tries to move it.
In any case, a home seller that could be ready for a lowball bid can be a great way for you to test the waters and see if you can get a real estate bargain. You might find that the seller is willing to deal in non-cash extras as well. You could end up with a carpet and/or paint allowance. Or maybe the seller will pay for the home inspection or some other type of inspection. Perhaps you can get partial landscaping (if it’s a new home) or some other benefit tossed in.
This is the kind of market that you look around in. If you are in a good position, you don’t need to rush things. Be careful about what you buy, and take the time to ensure that you are getting a truly good real estate bargain.
Tags: home sale, home lowball bid, home mortgage loan, mortgage loan blog,
real estate bargain, buying a home, short sale
