A good way to instantly get on a seller’s (and your agent’s) bad side is to make a bad offer. I know, you’re trying to save money, but making a Scrooge-like offer of 150k for a 270k house is just insulting. If you want to spend 150k on a house, then make that your budget. By lowballing sellers, you are wasting everyone’s time: the seller’s, the agent’s, and your own. There is usually room for negotiating, but no one is going to take half of what their home is worth, no matter how desperate they are to sell. Check out this post by Rosy Saadeh at the Comfree blog for tips on how to avoid this:
-Familiarize yourself with the market in your area. Ask your agent to show you comps. Know what things are worth.
-Be willing to negotiate. You might even get them to shave tens of thousands of dollars off if you know what you’re doing, and can give them something in return (being pre-approved, paying in cash, being ready to move in immediately, etc.)
-Know that cash might not save you. Buyers paying in cash are extremely attractive, but not enough to lose tons in equity on.