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When people have homes for sale, they set asking prices that they think are reasonable and fair. While the asking prices of most homes for sale are fair, there can be times when the asking prices are way off. If you find a home you really love but feel that the price is way too high, you could make a lowball offer on the house; however, if you do this, you may want to consider including a letter that explains why you are offering this low amount so the homeowner can better understand your reasoning.
Why Should You Explain Yourself?
You might be able to avoid insulting a homeowner through a low offer on his or her home by writing a simple letter to him or her. This letter does not need to be long or overly detailed, but it should be kind and it should state your reasons for the offer you are making.
What Are Legitimate Reasons for Lowball Offers?
There are plenty of reasons people would like to use as excuses for making lowball offers, but most of these are simply because the buyers are looking for steals. If you want to make a lowball offer, it should be for legitimate reasons, and here are some of the reasons you could include on your explanation letter:
The comps are so much lower—One of the ways home values are determined is by comparing the homes to similar homes in the area. The similar homes are referred to as comps, and this is one of the most common methods used for valuing homes. If you research the area and find that the comps are significantly lower, let the seller know that this is your reason.
The appraisal came in low—If you had an appraisal completed and the value came in really low, include a copy of it and explain that this is your reasoning behind the low offer.
The house needs major work—Another good aspect to include in the letter is the work the house needs. If the house needs any type of major project that will be costly, you should let the homeowner know that this is the reason you are making a low offer.
Before you make an offer on any house, make sure you research and evaluate every feature and aspect of the home. You should also consult with your real estate agent for advice if you would like to make a lowball offer on a home.
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