When you make your initial offer on a property I think the goal is to take the Seller’s “temperature”. Are the Seller’s goals realistic in today’s market? If the property is over priced, 20% to 30% off of the list price is the right low ball offer. If the property has been priced to reflect the real market conditions, 15% to 20% off list price is the right “low ball” offer.
If you don’t get a response from the Seller everyone has wasted their time. That sometimes happens if the “low-ball” is to low. Your Broker should be able to guide you by getting information about the Seller’s motivation and property values in today’s market.
- Dale Potvin, Owner/Broker
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1 comment:
I would say that anything less than 30% off the high sales from
'07 (peak of the market) for comparable properties would be a low-ball.
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