Tips for Making Low Ball Offers on Regina Homes For Sale

Real estate, whether buying, selling, renting, owning or investing can be complicated. There are a thousand scenarios that can occur during any single transaction. I want to start by saying that you have to be flexible, right from the very beginning, when looking to get a good deal on Regina homes for sale! The process of looking for a new property can be wildly exciting especially when the market is in your favour! 


We are in a buyer’s market, with housing prices down 10% from 2013 and 4% from 2017- now is the time to buy. 

A combination of a slow market, declining housing prices and desperate to sell sellers, there hasn’t been this much opportunity with Regina homes for sale in 10 years. 

Receiving a low offer is almost expected by sellers (which prevents some from going onto the market), but there are strategies you can use to strengthen even the lowest of low offers. Strategies that can make it more appealing to the sellers to accept your offer. By not accepting your offer, the seller risks a lot. They may not get another offer for months.  There are hundreds of Regina homes for sale right now, let’s go through some of these tips.

1. A Well-Formed Offer to Purchase Contract

I mean, don’t hire a Realtor® who doesn’t take the time to properly fill out an offer to purchase contract. It will make you look amateur to the seller and they will not take you seriously. The offer to purchase should look professional, be complete and without spelling errors. This is the least you can do when making a low offer. 

 

2. Look for Repos or Properties That Have Been On The Market For a While

It’s obvious, finding Regina homes for sale that have been on the market for a long time or is a bank repo are easy targets for low offers. Often, the sellers are desperate for an offer. Once the home has been on the market for over 100 days, it will get very few showings (a topic for another blog article). The idea is that these seller’s may just want to get rid of the property and have been waiting for an offer to come in. 

 

3. Do Some Market Research

Use your Regina real estate agent to your full advantage and find out what houses are selling for in the area. 

  1. You need to know what the average price of a home in the area is
  2. You need to be sure your offer is below average

The asking price and the market value of the home are not the same. By doing market research on the property, you will be able to determine if the house is overpriced, priced well or underpriced and it will give you insight into seller’s motivation.

 

4. Omit A Home Inspection

Choosing to forego a professional home inspection can strengthen your offer because it indicates to the seller that there will be no reason to further negotiate. They can trust that the price they accept will be the price they sell for. Use your common knowledge to gauge any defects with the property and use your network connections such as plumbers, electricians and contractors to take a look at the property with you and give you their opinions on its condition and any deficiencies.  

 

5. Find Out Why They Are Selling

Sometimes you have to ask the question. You might be told that it’s none of your business or that the seller’s motivation simply doesn’t matter, but ask. Instruct your real estate agent to find out what the seller’s motivation is in any way they can. The seller may have gotten a job transfer, or lost a job. It might be the owner of an inherited property or retired couple who are mortgage free. Simply having more information will help you understand the situation and gauge your expectations accordingly. 

 

6. Keep Looking

Understand that not every seller can afford to accept a low ball offer in this market. The market dropped so quickly that some people may still owe on the mortgage what the house is now worth. You might have to offer on a few properties before you find a seller with the right motivation and ‘sell-ability.’ I don’t encourage you to waste anyone’s time but be aware that you might have to make more than one offer before it sticks.

 

Contact Me

If you have any questions about Regina homes for sale and current market conditions, give me a call at 306-552-7047 or fill out my online contact form.

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