Ellicott City Realtor Catonsville Realtor

How to Get a 'Good Deal' on a House.  There will always be Buyers that are willing to look outside of their price range and make a low offer.  This happened to me recently when I received an offer on a home that was significantly below market value. 

The home was already listed well below other comps, but the Sellers were willing to entertain the Buyers' very low offer and hopefully find some middle ground that would be amenable to everyone involved.  We prepared what I considered to be an excellent counter offer, and one that most Buyers would jump at.

But we didn't hear a word.

Instead, the Buyers walked away from the deal, on to the next listing to lowball.  When I called the Buyer's agent to find out what had happened, she said "Tim, this is what these people do.  This is the third contract I've written for them, the third time it was a low offer and the third time they have walked away."

I won't comment on why this agent continues to work with these clients, or on their motivations as Buyers.  What I will do is give a little bit of advice to those who are in the market for a home.

Everyone says you can offer anything you want for a home - it's up to the Seller if they will accept it.  And this is true.  You can write an offer for a million dollar home for $1 and see if the Seller will accept it (if you can find an agent willing to write it for you, that is).

Or, if you're truly serious about buying a home, you can look slightly above your price range for a little bit more house and make a low offer.  This might be something you consider trying if you have looked and looked in your price range and simply aren't finding what you're looking for.

But if you are, in fact, serious about buying a home, be realistic, and be prepared to negotiate that offer to some extent.  Just because a Seller has had their home on the market for 87 days does not mean they are going to give you their home for 30% less than market value.  Be prepared to come up in price, or come down on concessions, or a little bit of both.  Be prepared to go back to your Lender to get approved for ever so slightly more and see if your Lender thinks it might work.  Be prepared to compromise.

When it's handled professionally, with great agents involved on both sides, a serious Buyer can negotiate a lower price on a home slightly above their price range, and come out of the deal feeling like a winner.