Buyer Tips when making a "lowball' offer in Halifax

Buyer Tips when making a lowball offer in #Halifax

Look, I get it.  HGTV teaches all of us to low ball offers.  Seminars come to town educating people to flip homes and make a profit.  Our market for almost 9 years has been in a slump.   It makes sense that buyers would write low offers on properties.

When you write your next offer, think of these things.

1. If you find yourself competing offers, best to put your max offer in.  Halifax now is in a seller’s market.  You are best to come in at ask or over.  Don’t waste your time and your agents time with offers below ask.  You will most likely be disappointed.
2. When a seller is new to the market, consumer confidence is high. The home will either sell around 97% of asking or higher. Anything lower than 97%, will be rejected. (unless of course you can prove your offer position)
3. If you are going to place a lowball offer, add to contract a significant deposit, a quick close and if you can delete your financing clause.
4. If you plan to make a lowball offer that is accepted, don’t expect the sellers to make any contingencies after a home inspection.
5. Be reasonable and fair to the seller when offering and during negotiating. Sellers want a “fair price”. Buyers want a “steal of a deal” Don’t kill the deal before it begins.

Wishing you a “Happy House Hunt”

Sandra Pike