Last week I mentioned that we were shopping for a summer home [1] again.
We’ve identified a resort we think would work out well, and my in-laws are going to check it out next week. (They are pretty familiar with the vacation rentals that we’ve liked and the ones we’ve hated, so they should be able to screen out the ones we wouldn’t like.)
Once we identify the right place, we’re preparing to go in with a low ball offer.
We’re already the proud owners of a home we overpaid for (our current home which was custom built at the peak of the real estate boom), so we have no plans to pay one penny more than we need to for our summer home.
In addition, I’m paying close attention to Shiller talking about the possibility of a double dip [2] in home prices. Whether or not he’s right we won’t know for awhile, but we’re keeping it in mind as we want to come out of this transaction with the best possible deal.
Have You Made a Low Ball Offer?
Have you written a low ball offer before? And if so, how much lower did you price your offer than the comps? How did it work out?
I’m trying to remind myself that this is strictly a financial transaction. However, I also don’t want to make anyone uncomfortable or cause anyone stress, which I know low ball offers tend to do. So, we’re trying to find a good balance between the low ball offer that shuts the seller down and the low ball offer that the right seller might actually consider.
We are prepared to make plenty of offers and walk away from each one until we find one that accepts a great price. Besides willing to be patient about it, what else do you have to consider with low ball offers? We want to make sure we do this right!
Tell me about your successes and failures with low ball offers.
Update: Readers Share Tips for Making Lowball Offers on Homes [3]
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