Reply to Overpriced house - lowball offer or wait?

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[quote=Anonymous][quote=Anonymous][b]Lowballing by $100K after only 2 weeks on the market is likely to get only a direct refusal with no counter.  It is only overpriced if no one wants to purchase the house for that price.  And chances are the sellers are not going to be desparate enough to negotiate that much.   If it happens to be in the ideal neighborhood for another family that has the money, they may scoop it up for something like $20K below list and you'll be out. [/b] One problem with lowballing very low is that sometimes you'll actually decrease the sellers' flexibility.  For example, if you come in $25K below list, then they'll negotiate and you'll probably get something about halfway between.  If you lowball that much, you may find that if they negotiate at all, they will use much smaller increments than if you had come in closer to what they wanted.  Last, you have no idea what the sellers owe on the property.  If they owe more than you are willing to offer, then they are probably not going to come down much until it's been on the market longer (like maybe 60 days)  before they'll start to drop the price.  Good luck, but I find extreme lowball offers like yours to be more counterproductive than productive.[/quote]

All of this PLUS even if the house sits and you put in another offer they will likely just refuse it outright simply because you lowballed them before once. [/quote]

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