The article explains the concept of a lowball offer in real estate, where a buyer proposes a price 10-30% lower than the asking price. It highlights the pros and cons of such offers; buyers may secure a better deal, while sellers could benefit from increased interest. However, lowball offers can offend sellers, damaging negotiation credibility, which might result in lost opportunities. Overall, understanding the dynamics of lowball offers can aid buyers and sellers in navigating real estate transactions effectively.
A lowball offer is when a buyer makes an offer on a house that is significantly below the asking price. Typically, this offer is 10-30% below.
For the homebuyer, the biggest pro is that they could buy a home for well below the market price, saving them a decent amount of money.
For the seller, a lowball offer can signal interest, which can be encouraging in a slow market or create buzz that attracts other buyers.
However, you may offend the seller and damage your credibility, potentially leading them to refuse to negotiate.
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