Are Buyer Agents hurting their buyers with advice for LOWBALL OFFERS?

By
Real Estate Agent with Godzyk Real Estate Services

Home Owners in Manchester NH are learning the "LOWBALL" Offer is alive and well. After a review of a few of the last offers I received, they may be alive but certainly are not well. The converation was about if all buyers are lead to believe that all homes listed are in a distressed situation, that they are in foreclosure, bank owned or short sales.

The media and some Buyer Agents are teaching buyers to make what is considered "Lowball" offers. Everyone wants to get the best deal, but how you go about it is just as important.



If you want to make a "Lowball" offer you need to follow some simple guidelines.

1. Find out what type of sale it is, Is it bank owned? A short sale? or a "regular sale" with a seller who is not considered "distressed"

2. Find out if there are any other offers submitted, if so you may not have time to try a lowball or you could lose out to the other buyer(s).

3. Assess what the house is worth in today's market so you can base your offer on real numbers.

4. Include a prequailification letter letting the seller know you are quailifed for a loan.

5. Often it is important for the seller to know why you offer what you did, some buyers like to add a letter why they offered what they did, listing an needed repairs with extimates to fix. Some offers come with a list of comps from the area on how they arrived at thier offer price.

In conclusion as shown ths week new Bank Owned homes are being priced to sell. With double digit offers, buyer agents giving advice to make a lowball offer are not helping their clients, they are hurting them.

If you are thinking of buying a Home please contact us. We offer you assistance to get a free pre-quailification for a mortgage,along with some of the BEST CUSTOMER SERVICE through each step of the Buying Process.

 

If you need to sell your home and you owe more than your house is worth, i may be able to help. I specialize in working with home owners to get your home sold. There are many options such as a short sale whcih may be able to help you.

Please try and avoid out of state or out of town agents and companies that make "out of this world promises". We are local agents with experience who never charge any up front fees. WE GET RESULTS!!!

We stand by you through every step in selling your home.

PLEASE SEE MY "SPOT LIGHT" Series for differnt neighborhoods in NH


1.
Spotlight on FOX HOLLOW CONDOMINIUMS in Manchester NH
2. Spotlight on ROSECLIFF in Manchester NH
3. Spotlight on ROSEGATE FARM in Manchester NH
4. Spotlight on NEWTONS MEADOW Condominiums in Manchester NH
5. Spotlight on EAST MEADOW Condominiums in Manchester NH
6. Spotlight on SunView Condominiums in Derry NH
7. Spotlight on the Trolley Crossing Neighborhood in MANCHESTER NH
8. Spotlight for STONE TERRACE CONDOMINIUMS in Manchester NH

9. Spotlight on the OAKBROOK CONDOMINIUMS in Manchester NH

PLEASE SEE MY "TOP" TIPS FOR BUYING A HOME

PLEASE SEE MY "TOP" TIPS FOR SELLING A HOME

SUPPORT LOCAL BUSINESS!!!

ONE OF NEW HAMPSHIRE'S LEADING AGENTS FOR SHORT SALES AND BANK OWNED HOMES...

If you are Looking for a Real Estate Agent you have come to the right place. Scott Godzyk is a Full Time and Local agent ready to serve all of your Real Estate needs through each step of the buying or selling process. We are proud to be locally owned and operated.

If you owe more than your house is worth, If you are behind in your payments, I may be able to help. Call me to find out how you may be able to sell your home at no additional cost to you.

Scott Godzyk is the Owner/Broker of The Godzyk Real Estate Services located in Manchester NH. With 25 years of Real Estate experience Scott specializes in Listing and Selling Bank Owned Homes, Short Ssles, Residential Properties, Condominiums, New Construction and Investment Properties. Scott services the counties of Hillsborough, Merrimack, Rockingham and Belknap. To contact Scott Godzyk please call 603-661-2121 or email sctprop@aol.com. his website is www.ScottSellsNH.com.

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Rainer
24,666
Lisa Michael
Keller Williams Preffered - Raleigh, NC

Interesting Post. I can appreciate the input to let the seller know why the buyers offered what they did.

 

Thanks for your insight.

 

Aug 07, 2012 05:53 AM #1
Ambassador
959,384
John McCormack
Albuquerque Homes Realty * www.AlbuquerqueHomes.com - Albuquerque, NM
AlbuquerqueHomes.com, Albuquerque Homes Realty

I'm not a fan of low-balling Scott.  It rarely works and leaves a bitter taste in the sellers mouth for sure.  With the market leveling out we're seeing less low-balling going on. 

Aug 07, 2012 06:02 AM #2
Rainmaker
233,635
David Grbich
Ventana Coastal Properties - www.FindCARealEstate.com - San Juan Capistrano, CA
Orange County Real Estate - 949-500-0484

Unless the home has some major issues that a typical buyer cannot address, low balling is not a winning approach in this market.

Aug 07, 2012 07:11 AM #3
Rainmaker
2,162,042
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Good advice for prospective home buyers.


Have an outstanding week and be sure to have your camera in hand when you are out and about.


Aug 07, 2012 07:12 AM #4
Rainer
276,890
Kathryn Maguire
GreatNorfolkHomes.com (757) 560-0881 - Chesapeake, VA
Serving Chesapeake, Norfolk, VA Beach

In my area, buyers who submit lowball offers usually end the process right there and never have their offer accepted.  Thankfully, there are enough buyers who are willing to pay market value.

Aug 07, 2012 07:54 AM #5
Ambassador
2,029,465
Chris Ann Cleland
Long & Foster REALTORSĀ®, Manassas, VA - Bristow, VA
Associate Broker, Northern VA

Lowball offers don't work in seller's markets.  The demand is simply too hot for lowballs to be anything but a joke.

Aug 07, 2012 09:01 AM #6
Ambassador
1,273,354
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Scott - There is a time and place for a lowball offer, and a time when it's a total waste of effort. A good agent can not only tell the difference, but expalin it to their client as well.

Aug 07, 2012 11:53 AM #7
Rainmaker
583,161
Amanda S. Davidson
Living A Dream Real Estate - Alexandria, VA
Your Northern Virginia Realtor

Scott- The inventory in our area is too thin for low ball offers. I think buyers agents owe it to their clients to educate them on what a reasonable offer is and what a total waste of time offers pulled from the sky are.

Aug 07, 2012 01:48 PM #8
Rainmaker
1,182,180
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Lisa unfortanately bad offers affect everyone, tips to prevent them can help agents, buyers and sellers.

Aug 07, 2012 04:46 PM #9
Rainmaker
1,182,180
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

JOHN the time for low ball offers was 2 years ago, not now, the market has already changed and there are more buyers and less homes for sale.

Aug 07, 2012 04:47 PM #10
Rainmaker
1,182,180
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

DAVID I agree, Low balling does not work for owner occupied buyers getting a mortgage in this market.

Aug 07, 2012 04:48 PM #11
Rainmaker
1,182,180
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

ROY thank you for the comments, have  a great day

Aug 07, 2012 04:48 PM #12
Rainmaker
1,182,180
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Kathryn most buyers who submit  lowbal offer just lost their drea home to a more realisticbuyr.

Aug 07, 2012 04:49 PM #13
Ambassador
686,903
Charita Cadenhead
Keller Williams Realty - Birmingham, AL
Serving Jefferson and Shelby Counties (Alabama)

Scott when making a lowball offer, there certainly are some things to consider, as you've mentioned.  The "pull a number out of your hat" method, just doesn't fly.

Featuring in Bananatude.

Aug 07, 2012 05:17 PM #14
Rainmaker
1,182,180
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Charita thank you for the feature, unfortanately pulling a munber out of the air is still how a few agents may practice their offer skills.

Aug 07, 2012 05:41 PM #15
Rainmaker
1,575,339
Lawrence "Larry" & Sheila Agranoff. Call 631-805-4400 (c)
Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo & Home Sale Specialists
Scott, We have an exceptional home listed at 1,200,000 and we just got an offer for $830,000!
Aug 08, 2012 03:25 AM #16
Rainmaker
813,500
Al Raymondi
Ocean View Realty Group in Ormond By The Sea Florida - Ormond Beach, FL
Ormond By The Sea Florida - Home and Condo Sales a

If the home is priced right for the market a low ball offer usually just wastes time Scott.

Aug 08, 2012 04:42 AM #17
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