Twenty different agents could answer this question with twenty different answers but simply put: a low ball offer is one that is lower then the sellers asking price AND substancially below the commonly accepted market value.
When an offer is given, a seller has the right to accept, counter or reject. The worse case scenario is you are rejected then lose all footing for future negotiations. Sometimes a home is overpriced because a seller has taken out too much equity credit out of the home and simply doesn't have the money to walk away at the lower price.
Obviously, this seller has his/her/their home ON the market but not IN the market.
Second: Based upon those figures, I would discuss with you what the property SHOULD sell for and write the offer up using that figure and include a copy of those comps to backup your figure.
Third: Your agent should specifically request to present your offer to the sellers in person (of course with the seller's agent present) in order for your agent to ensure that the seller's understand totally where your offer figure was generated from.
Buying a home, as well as selling a home is an emotional situation for all parties involved. Realize that there is truth in the statement that a home is worth whatever a buyer will pay for it. If you really feel this is the "IT, the ONE and ONLY, the DREAM HOME COME TRUE", then the bottom line figure is going to be what you are willing to pay for it,,,,or walk away from it. That answer has to come from you.
GREAT QUESTION! Keep us posted please on your decision.
Tina Evans, Principal Broker
That is almost like saying.. "What's better? Vanilla or Chocolate. Some properties are listed with little to no room for negotiation; while others are listed with 10-30% room for concessions and flexibility. When making an offer, you could attach the comparable SOLD properties to justify your offer.
Most sellers really don't care to see these statistics and data. They want what they want- if they can afford to hold on- that is what they will do!
Several people have given you advise. Again you need to sit down with your realtor and make the offer.
You'r offer will either get excepted or a counter offer will be placed..