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Read This Before Submitting a Low-Ball Offer for a House in Irvine, CA

What You Need to Know About Submitting Low Offers

By , 9:00 am on

Once you’ve identified the right home for sale in Irvine, CA, for you and your household, establishing a feasible offer could prove challenging. Prospective buyers walk a delicate balance between setting their offers as low as they possibly can and not insulting sellers. Fortunately, there are numerous strategies and resources that you can use to arrive at a reasonable figure.

Don’t Worry About Seller Emotions When Bidding On A Flip

There are countless high-value properties that are currently being offered by sellers who nabbed them at low prices and then upped the values of these homes by making a number of repairs and improvements. Although these sellers may have evidence of sufficient improvements for justifying these new and much higher prices, they are often only trying to maximize their profits. These sellers are entirely pragmatic and far less likely to be offended by low bids. Submit your offer through your agent confidently and wait for feedback. In these instances, even a low offer could open the door to negotiations. You should note, however, that savvy investors like these are under absolutely no obligation to pass their good deals on to you.

Understand Current Market Conditions

When you find yourself shopping in the midst of fierce competition, you have to keep your offers competitive. Low-balling in a seller’s market is risky, especially if you have your heart set on a specific property. However, if you’ve found a home that has been listed for several months or taken off the market and then listed again, this could mean that you have a better opportunity to negotiate. This is true in both buyer’s and seller’s markets.

Look at Comparables to Establish a Reasonable Price Point

Comparables are invaluable when it comes to determining a reasonable price point. Ask your agent to show you data for comparable houses for sale in Irvine that have recently sold within the neighborhood you’re considering. Try to keep your offer relatively near the lowest of these. Setting your bid too far below the actual value of a home could cause you to lose out to other bidders, especially when dealing with sellers who are emotionally attached to their investments.

Be Respectful

Taking a respectful approach to the entire process will hold major weight in determining whether your offer gets accepted. Understand that many homeowners who have overpriced their homes may have personal reasons for doing so. Rather than submitting a contract that’s half-completed along with insults concerning the condition of the property, express your appreciation of the home and treat sellers according to the standard etiquette of the local real estate market. This could help you win favor, even if your offer happens to be the lowest.

Make Your Offers Reflective of Any Included Contingencies

With a low offer, you can’t expect sellers to make any major improvements or throw in additional items like outdoor sheds or window treatments. Low offers should come with few contingencies, excepting those that are absolutely necessary for protecting your interests. You can even request an information-only inspection, which indicates that you’re willing to deal with any problems that are identified during the inspection on your own.

Regardless of budget, no homebuyer wants to spend more than necessary to secure his or her ideal home. Working with an experienced real estate agent in Irvine can help you find that happy medium between getting your dream home and getting it at a good price. For more information on houses, condos, and townhomes for sale in Irvine, call (714) 454-6304 and schedule an appointment!

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