Low-ball offer on residential real estate may work

On Behalf of | Jul 4, 2019 | Residential Real Estate

When people shop for homes in New York, they understandably want to purchase residences at the most competitive prices possible. For this reason, it is not unusual for buyers of residential real estate to make low-ball offers. It is possible to get these types of offers accepted by employing a few strategies.

First, it may behoove a person who plans to make a low-ball offer to offer a high earnest payment. The higher the payment is, the more assured the seller may feel that the buyer will complete the deal. In addition, it is best to keep the remainder of the purchase offer free from any complications, like extra inspections.

Making low-ball offers may also be effective when the housing market is not the strongest. In a rather healthy market, newly listed homes may receive offers within a couple of days. In addition, selling a home in just a few weeks is not uncommon. However, if a home remains on the market for several months, buyers may begin to wonder what problem it has. This is an ideal time to make a lower-than-usual offer.

Navigating the home buying process can no doubt be complicated, especially for those going through it for the first time. However, enlisting the help of an attorney in New York can help to make the legal aspect of the process easier to deal with so that potentially costly contract-related mistakes are avoided. The attorney’s goal when working with a buyer of residential real estate is to ensure that the client’s best interests and rights are protected at each step of the transaction.