If a property has been for sale for a very long time, would it be easy to low ball the seller?
Basically it is a piece of land that is nothing but 11 acres of forest. Nothing is built on it and you can only access it from one corner as the rest of the property is surrounded by a private road.
The reason I am interested is because we are on that private road since our cottage is across the street from the land. We could use it for firewood, a garage and a bunkie for guests.
It has been on the market for a long time and there has been no movement. If the seller is asking 110K, do you think I could jump in at 60K or so?
- linkus86Lv 78 months agoFavorite Answer
It would be easy to offer a low ball offer. but not realistic to get it accepted. There are a slew of reasons why the seller hasn't sold. Are you in the habit of selling your investments for 50-60% of their value? That is not to suggest the property is worth the list price, just that in order to get the seller to accept less, it is up to you to prove the lower price, not to have a desperation to sell at any price.
And consider a back up plan of seeking to get him to subdivide the property to buy a fraction of the 11 acres for a price you can afford. It doesn't have to be on the road if an easement is added to allow for non-frontage access.
- the catLv 48 months ago
you can always try (I would and do)
when they reject your offer do not take it personal
just as they should not take a low ball offer personal
it is just business
real estate is a waiting game
- babyboomer1001Lv 78 months ago
Not necessarily. Some people will sit on a property for 2 or 4 years.
- RichardLv 68 months ago
You could try, the worst the seller could do is say no
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- oklatomLv 78 months ago
Sure, if you want to. I had a home on a double lot built in 1920 that I paid $68,000 for 15 years ago and did a lot of upgrades and repairs and offered it for sale when I still owed $35,000 on it and it was worth over $100,000.
I was offered $30,000 which I ignored.
- JudyLv 78 months ago
VERY unlikely they'd accept, but you can try.
- curtisports2Lv 78 months ago
It would make more sense to ask a real estate person who is familiar with that area the current market price per acre for land in that area, based on actual sales.
- Anonymous8 months ago
Well, sure, it's easier, but on sites like realtor.com, you can look at the history of the property. This might give you a better idea of what would be reasonable, because you'll see any price changes. Also, don't look at the number of days on realtor.com. They play games with this. Go to the history which reflects last sale date and then any price changes or relistings. If they just dropped it to $110,000 last week, they're more likely to think you're lowballing. Still doesn't mean it's wrong to try, though.
- Coffee DrinkerLv 78 months ago
You can make a lowball offer anytime. It isn't any easier after the property is on the market for a long time than it is the first day the property is posted for sale. Just write an offer, put a low purchase price and send it to the selling agent.
There is no way to guess what they might accept. Its highly unlikely they would accept $60k after they were willing to wait so long for an offer at $110k. If they were willing to accept $60k they would have lowered the price long ago.
Perhaps they have a loan against the property and they have to get $110k to avoid a short sale. Perhaps they're just testing the market and they figured that for anything less than $110k they'd rather just keep it.
Offer what you're willing to pay, see if they counter offer or accept. Or they might not respond at all. There is no rule that says they must negotiate.
- JetDocLv 78 months ago
I suppose that depends on how desperate the owner is to sell. Seems to me that if the owner(s) really NEEDED to sell, they would have lowered the asking price before now. I doubt that you could get the owner to sell for half price.