Has anyone been successful recently with lowball offers?

[Anonymous]

I looked at a house today that is both dated and has water damage to some of the walls and ceilings because the elderly owner didn't realize their roof was leaking badly. They have the house on the market a month and dropped the price only 5% and the price is in line with houses that have not been damaged/don't need to be gutted. It also needs a new roof asap. Mold is also a concern but I haven't seen any but I'm sure it's there. I'm considering making them an offer 35% below their asking because this house needs work but is on a great street and has 1930s charm. Anyone been successful recently really lowballing lately?

[Anonymous]

What do you've to lose, send your offer. They can decline or make a counter offer. If you can pay cash, remove inspection and appraisal clause and let them rent back until they move than your offer may look very appealing.

[Anonymous]

* If can't pay cash, a loan approval and proof of big down payment funds may help.

[Anonymous]

Anonymous wrote:What do you've to lose, send your offer. They can decline or make a counter offer. If you can pay cash, remove inspection and appraisal clause and let them rent back until they move than your offer may look very appealing.

+1 You won't know until you make an offer. I've made lots of lowball offers and been told to go pound sand many times. But I also bought 4 properties for significantly under list price.

Making lowballs offers requires thick skin. This is business. Make your offer as strong in all other areas except price, like pp suggested. It sounds like this house is a good candidate due to the condition. Go ahead and make an offer.

[Anonymous]

We purchased a similar home this year for 20% under original ask. House was in livable condition but will need 250k+ of work in coming years. Offer a fast close & assume you'll buy in as-in condition (ours left trash, debris & did not negotiate after our inspection revealed even more work to be done).

[Anonymous]

Anonymous wrote:I looked at a house today that is both dated and has water damage to some of the walls and ceilings because the elderly owner didn't realize their roof was leaking badly. They have the house on the market a month and dropped the price only 5% and the price is in line with houses that have not been damaged/don't need to be gutted. It also needs a new roof asap. Mold is also a concern but I haven't seen any but I'm sure it's there. I'm considering making them an offer 35% below their asking because this house needs work but is on a great street and has 1930s charm. Anyone been successful recently really lowballing lately?

Go for it. Hopefully their agent will guide them and help them understand why your offer is 35% below ask.

[Anonymous]

I know a realtor who has a new build listed that’s been sitting. It’s already been reduced $200k and he’s actively spreading the word he’d accept another nearly 20% haircut. Deals are out there, if it’s been sitting do not pay full price.