
Choose the Strategy That’s Best for You!
- The “How Low Can You Go” offer
- The “I’ve Got to Have This Home” Offer
- The “Poker” offer
The “How Low Can You Go” offer is contingent on you not having an emotional attachment to the property you intend to purchase. In a buyers’ market, you may find a few homes that catch your interest and you may want to make a lowball offer. This is usually significantly less than the asking price. Lowballs only succeed if the seller is desperate. You may receive a counter offer, but more often than not, the seller will feel insulted and ignore your offer.
We may advise you against presenting such an offer, but will pass it along to the vendor.
The “I’ve Got to Have This Home” offer usually happens when buyers fall in love with the home and want to present their best offer first. This offer leaves no negotiating room, but if the market is hot, it’s an offer that will attract attention. Your RE/MAX associate will convey to the seller that this is your best offer. Most sellers expect to receive an offer and counter with another, so you may find yourself in a situation where you either accept the counter offer, or walk away from the home.
The “Poker” offer usually arises in a sellers’ market where buyers find themselves in a bidding war for the property. If you find yourself in this situation, all of your negotiating strength will be lost. You have the choice to raise the bid, or fold and move on.
The power of waking away is a formidable one, especially when no one else is competing against you to buy the house.
Also keep the following points in mind:
- All negotiating should be done in writing.. don’t relay on oral communication.
- Don’t settle for the first offer presented, especially if not what you expected.
- Do examine each clause, contingency and condition in detail.
- Do consult with a real estate lawyer before signing any papers.
- And always hire a professional real estate agent to represent you – this is what they do, and trust us, you do need the guidance in today’s real estate market.