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Grlzrl, if I understand correctly, you want to make a lowball offer, but are worried that you'll be hurting your chance to later decide to make a better offer because the seller won't want to deal with you?
If that's the case, I don't think you have anything to worry about. You're probably right that the seller may not want to deal with you, but he probably will anyway. Sellers just want to sell their house. If the offer is indeed a good one they'll probably accept it. If it isn't a good one, they won't.
In other words, whether or not you previously made a lowball offer won't affect things (unless they have multiple offers, but why would you make a lowball offer on a house that gets multiple offers anyway?)
Grlzrl, if I understand correctly, you want to make a lowball offer, but are worried that the seller won't accept a higher offer from you if you later decide to make one?
If that's the case, I don't think you have anything to worry about. Sellers just want to sell their house. If the offer is indeed a good one, they'll probably accept it. If it isn't a good one, they won't. Whether or not you previously made a lowball offer won't affect things (unless they have multiple offers, but why would you make a lowball offer on a house that gets multiple offers anyway?)
I don't like the term 'lowball' because to me, that implies I want to pay them less than market, which is not the case. They bought this house at the peak of the market in 2005. I just want to pay fair market for it.
I don't like the term 'lowball' because to me, that implies I want to pay them less than market, which is not the case. They bought this house at the peak of the market in 2005. I just want to pay fair market for it.
Call it whatever you wish. The bottom line remains the same: If the offer is one that the seller considers to be a good one, he'll probably accept it. If it isn't a good one, he won't. Whether or not you made a lower offer earlier won't change that. What you think the fair market price is won't change that, either.
If it were me, I'd make an offer for what you think is the fair price, and then move on. If he bites, great. If he doesn't, there are plenty of other places.
In my experience, second showings followed by an offer only happen in a very low percentage. I don't have data but I'd guess less than 20%. It certainly could work out well for you but I don't see a strong correlation between 2nd visits and offers, personally.
I have never made an offer on a home after one visit. Even if I love it, I need a second visit to be objective. When you first look at a house, if you like it, it can be hard to take the emotion out of the decision. Given a couple of days, I then go back and look st all the issues I “might” have, e.g., age and condition of the furnace, we’re there cracks in the garage wall?, etc. The second look is a more critical assessment of things I may have missed or failed to consider on the initial viewing. That said, if I am having a second look, I’m very interested.
Some people are just naturally cautious and want to 'sleep on it'. A house might only look good in comparison to the other homes looked at on that day.
Then there's also the cases where one spouse is trying to convince the other spouse one way or the other.
In my experience, second showings followed by an offer only happen in a very low percentage. I don't have data but I'd guess less than 20%. It certainly could work out well for you but I don't see a strong correlation between 2nd visits and offers, personally.
I have never made an offer on a home after one visit. Even if I love it, I need a second visit to be objective. When you first look at a house, if you like it, it can be hard to take the emotion out of the decision. Given a couple of days, I then go back and look st all the issues I “might” have, e.g., age and condition of the furnace, we’re there cracks in the garage wall?, etc. The second look is a more critical assessment of things I may have missed or failed to consider on the initial viewing. That said, if I am having a second look, I’m very interested.
"Are second viewings a good sign? I never did a second viewing on houses before buying, so I tend to think that both buyers who have scheduled them must be serious buyers. Or is that actually a fairly common thing and doesn't mean all that much?"
Twelve showings in nine days is amazing. I have never seen a market like that. That said, second showings usually mean that the buyer is narrowing his search. It is likely that the buyer also knows you are in a hot market. In such a market, the buyer may not find the perfect house for him. He will pick the best available.
With all due respect, I don't disagree with the get an appraisal part but the meet in the middle part is nuts. This house is HUGELY overpriced and in the current conditions in Illinois, it would be financial suicide to overpay for a house right now. I will consider the get an appraisal part.
I said you both should get appraisals and meet in the middle of the two appraisals. If it is as overpriced as you think, then both appraisals will confirm it, and you both will know that you paid and he received a fair market price.
I said you both should get appraisals and meet in the middle of the two appraisals. If it is as overpriced as you think, then both appraisals will confirm it, and you both will know that you paid and he received a fair market price.
I mentioned this to my agent and she said they would feel violated if I tried to appraise their house. I am not worried about what fair market value is. I was an appraiser. I know how to figure it out.
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