One of the simplest ways to buy a cheap house is to make a low offer. Sometimes called a “lowball” offer, this is a basic ploy used in real estate and many other negotiations. Everyone knows the technique, but most are afraid to use it. It can be a waste of time if you don’t do it right, and it can be embarrassing, but it also can get you a cheap house.
A very successful real estate investor once told me,”If you aren’t embarrassed by your offer, it isn’t low enough.” He’s made millions in real estate, so I think he’s worth listening to. However, you need to understand that a truly low offer isn’t going to be accepted most of the time.
In fact, it will almost never be accepted. Does this mean it is a waste of time? Not at all! There will often be counter-offers, and a low initial offer is just a way to alter expectations.
Buy A Cheap House By Lowering Expectations
Once, when I was selling my car, a really nice guy looked at it. After crawling under and inside the car, he politely offered me half of what I was asking, and left his phone number (I said no). I wondered what was wrong...