Buyer Tips when making a "lowball' offer in Halifax
Buyer Tips when making a lowball offer in #Halifax
Look, I get it. HGTV teaches all of us to low ball offers. Seminars come to town educating people to flip homes and make a profit. Our market for almost 9 years has been in a slump. It makes sense that buyers would write low offers on properties.
When you write your next offer, think of these things.
- If you find yourself competing offers, best to put your max offer in. Halifax now is in a seller’s market. You are best to come in at ask or over. Don’t waste your time and your agents time with offers below ask. You will most likely be disappointed.
- When a seller is new to the market, consumer confidence is high. The home will either sell around 97% of asking or higher. Anything lower than 97%, will be rejected. (unless of course you can prove your offer position)
- If you are going to place a lowball offer, add to contract a significant deposit, a quick close and if you can delete your financing clause.
- If you plan to make a lowball offer that is accepted, don’t expect the sellers to make any contingencies after a home inspection.
- Be reasonable and fair to the seller when offering and during negotiating. Sellers want a “fair price”. Buyers want a “steal of a deal” Don’t kill the deal before it begins.
Wishing you a “Happy House Hunt”
Sandra Pike
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