THE LOWBALL OFFER: Should You Do It? How to Shave the Most Money off the Asking Price

01/21/21 • 24 min

Real Estate Investing in New York by Christina Kremidas

Welcome to Episode 20 in my Series REAL ESTATE INVESTING IN NEW YORK!!
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In this Episode, we are discussing the Lowball Offer and how it can actually sabotage your entire real estate negotiation! I provide you with both the Purchaser’s and Seller’s point of views when it comes to a negotiation that begins with a lowball offer, and alternative negotiation strategies that will allow you to shave MORE money off the asking price and salvage your transaction. Some of this information I learned during my training to become a Certified Negotiation Expert, and most of the info covered here is from my first-hand negotiation experience.
Here’s the summary:
An offer far below the asking price actually insults the seller.
It’s always best to place an initial offer that is not too far below the price that you actually wish to pay for the property.
If you are looking to have $20,000 off the asking price, the best idea is not to begin the negotiation $40,000 under - your initial offer should not be ‘double below’ the amount you’re trying to save.
In a real estate transaction, there is a very long road between an agreement on price and the closing date. The purchase process take months, and the beginning stages of the deal, the negotiation, is very much like dating the person on the opposing side. You want to start out on the right foot and show mutual respect. The Seller is going to choose to engage with a buyer that they are most comfortable working with for an extended period of time.
Negotiation requires both sides feeling good.
Starting out respectfully in a negotiation and acting in a transparent, honest, genuine and ethical fashion will ensure that you can tackle all of the issues that inevitable arise throughout the purchase process. When a seller and a buyer has a difficult relationship, small issues can sabotage an entire deal.
Don’t miss Episode 21, where I’ll be sharing how to leverage the Appraisal to strengthen your offer without increasing your bid.
Discover the value of your home
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Previous Episode

Getting a Mortgage in New York? What You Need to Know

Welcome to Episode 19 in my Series REAL ESTATE INVESTING IN NEW YORK!!
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Email: [email protected]
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In this Episode, we are discussing everything you need to know about the Mortgage process tor NYC Real Estate. By the end of this episode you will have an understanding of what is required to be approved for a mortgage, the stages of the mortgage process, how the bank analyzes whether your property of interest is a sound investment, and how Covid has affected the process of getting a mortgage.
Our guest for this Episode is Michael Goldberg, Senior Loan Officer at Freedom Mortgage.
Here is Michael Goldberg’s contact information:
Cell: 917-642-1462
Office: 718-621-5626
Website: freedommortgage.com/michael.golberg
Email address: [email protected]
Office Locations:
9120 4th Ave Brooklyn NY 11209
1928 Williamsbridge Road Bronx, NY 10461
1150 South Avenue Suite 304-B, Staten Island, NY 10314
Questions that Michael answers in this Episode:
✩ Why it is important to get pre-approved for a mortgage before shopping for apartments
✩ What is required from the Purchaser, and how long it typically takes to obtain a pre-approval letter
✩ The differences between a Pre-Qualification letter, a Pre-Approval Letter, and a Commitment Letter
✩ The main differences between a fixed rate and Adjustable rate mortgage, and when you would choose them
✩ What the process of getting building approval entails
✩ The main differences between a mortgage for a Primary Residence and a mortgage for an Investment apartment that will be rented out
✩ How the mortgage approval process differs for someone who is self-employed vs a W2 employee
✩ Everything you need to know about the the Bank Appraisal, how it effects the mortgage loan approval, and what you can do if your bank appraisal comes in low.
Don’t miss Episode 20, where I’ll be talking about the ‘Lowball’ offer and why you should never do it.
Discover the value of your home: https://bit.ly/2Z91OLE
Thank you guys for being here! Please subscribe so you can keep up with new episodes!

Next Episode

LEVERAGE THE BANK APPRAISAL For a Winning Offer

Welcome to Episode 21 in my Series REAL ESTATE INVESTING IN NEW YORK!!
Please remember to Subscribe, Like and Share this podcast, it is SO appreciated!
YOU CAN ALSO WATCH THIS EPISODE ON YOUTUBE
Contact me:
Email: [email protected]
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In this Episode, I'm discussing how you can utilize one of the most important parts of the property purchase process, the Bank Appraisal, as a tool to strengthen your offer so you can win the bid on the property of your choice without having to only drive up the asking price when competing against other buyers.
Here’s the summary:
- An appraisal is done whenever you are getting a mortgage omg a property. It is not done when you’re paying cash.
- The appraisal is the bank's assessment of the value of the property.
- Quick overview of the bank appraisal implications and how a low appraisal affects your transaction.
-4 options that you have if the bank appraisal comes in low.
- Why you are much more appealing to a seller if you are financing less.
- 3 hacks to craft a much stronger offer by leveraging the appraisal.
I always am so happy to have the opportunity to work with you - if you would like for me to represent you as your Agent as you begin the property purchase or sale process, please do not hesitate to reach out to me.
Don’t miss Episode 22, where I’ll be sharing my top recommended New York neighborhoods to invest in right now.
Discover the value of your home
Please subscribe to this channel and turn on notifications (click the bell icon) so you can keep up with the videos I post!
Check out my Self Improvement/Lifestyle podcast, NEW YORK & BEYOND
Check out my website