Top Tips To Make An Offer On A House That Is Overpriced

As we are all aware buying a home is a complex and tedious process. Now after viewing a dozen of houses you come across a house that exactly fits your dream. Wouldn’t you be overwhelmed? But what if the price factor shatters your dream? The price of your dream house may be beyond the expected limit of your budget or even worse.

So should you walk away from your dream house?

No! Don’t give up.

According to a real estate agent in San Antonio, the houses may be overpriced due to several reasons. Firstly the seller may be inexperienced about the prevailing market price. Or the seller may feel that the house is quite worth it as he/she is emotionally attached to the house. Or the seller is just being greedy.

An overpriced house may be out of your scope but it is not impossible to turn it into a successful deal. It is challenging to purchase an overpriced house as compared to purchasing a house that is within your budget. But following the right strategies can work in cracking a successful deal.

Read on to find out how you can improve your chances of buying a house in San Antonio Texas that is overpriced.

Hire an experienced real estate agent:

No matter how capable you are in negotiating a deal you will still lack the expertise and experience of a real estate agent. So when buying a house in San Antonio it is vital to hire a buyer’s agent who will work in your best interest. Real estate agents in San Antonio are well experienced in negotiating an overpriced house. They will help you in increasing your odds of purchasing your dream house.

Determine if the house is overpriced:

You can make a low price offer for your dream house only if you are certain that the house is overpriced. With the help of the real estate agent get a detailed knowledge of the prevailing market price. Also, find out the sale price of other similar houses sold recently in that area.

This will help you to compare whether the asking price of the house is beyond its real worth. Another easy way to determine whether the house is overpriced is by finding out the average days of the house on the market.

Top realtors in San Antonio can determine what the average days on the market are for a particular property. If the house is lingering in the market for more than 90 days as compared to the average days on the market in the neighborhood which is 50, then the house is likely to be overpriced.

Negotiate with proper supporting documents:

When negotiating a lower offer than the asking price, attach proper documents to show the seller that the house is overpriced. Produce a comparative market analysis report and a report showing the sales figure of other similar houses sold recently in that area.

This will convince the seller that the house is overpriced. And thus, the chances of the seller accepting your offer will be pretty high.

Know the seller’s motivation to sell the house:

Before making a low price offer, find out the seller's reason behind selling the house. Some sellers may have just listed their house at a higher price to try their luck for getting a higher price. In such a case do not reveal your eagerness of purchasing the house.

Your lack of interest will make the seller realize that overpricing the house was not a good idea and you might stand for a better chance to crack the deal. On the other hand, some sellers may be highly motivated to sell the house due to a job transfer or shifting to another newly purchased house.

In such a case you can try convincing the seller for accepting your offer. Well, there might be even sellers who are not highly motivated to sell and are ready to wait. Thus it is recommended to walk away from such a deal.

Make your offer attractive:

Make your low price offer strong with attractive offers to lure the seller. You can attach a copy of a pre-approved mortgage, offer a hefty earnest money deposit, be flexible on the closing date, and include limited contingencies.

All these factors will give your offer an edge. And thus your offer stands a better chance of getting accepted if the seller has several low prices offers to choose from.

Be flexible in negotiation or walk away:

It is quite certain that your low price offer will not be accepted by the seller in the first instance itself. Several negotiation rounds will take place between you and the seller before finalizing the deal.

If you are interested in purchasing the house then be flexible in negotiating the final amount. But if the seller is rigid and is unwilling to budge down irrespective of the attractive offers made by you or the proof of overpricing shown to you. Then the ideal decision is to walk out of the deal.

Bottom line:

Low price offers are not readily accepted by the seller but with gentle efforts, you can turn the table on your side. Convince the seller about the overpricing factor with a proper market analysis report. Add attractive components along with a low price to make the seller entertain and think twice about the offer.

Nevertheless do not disclose your strong emotion to purchase the house and end up paying a price, far beyond its worth.