buying a home from a distance

buying a home from a distance

What To Do When You Are Interested In A House, But It's Overpriced

Jeffery Wright

It can be disappointing to find the home of your dream, only to find that it is severely overpriced. However, the disappointment shouldn't discourage you from at least trying to buy the house. Here are a few tips to help you navigate such a tricky situation:

Don't Assume the Seller Knows the Property Is Overpriced

Assuming that the seller knows their property is overpriced isn't a good idea, since in many cases, they don't know. Some people don't use facts and statistics when setting prices for their houses; they use emotion. Therefore, a seller may overprice their property because they inherited it from their favorite aunt and had a wonderful life in it.

The best way to counter such a situation is to do your research and face the seller with facts. Do a comparative market analysis to show the seller why your offer is lower than their asking price. The seller may lower their price if they see what similar houses in the neighborhood are selling for and realize that the real estate market favors buyers at the moment.

Show That You Mean Business

If you are interested in an overpriced house, the chances are high that your offer will be much lower than what the seller is advertising. The seller may take this to mean that you aren't serious about purchasing the property. Therefore, it's your duty to show that you mean business; here are a few ways in which you can do this:

  • Show that you have mortgage pre-approval for your offer
  • Don't list numerous contingencies.
  • Offer sizable earnest money.

Find Out If the Seller Is Motivated

Not every overpriced home is a mistake; sometimes sellers list "high" prices for their homes because that is what they want, and they can justify it in their own ways. In fact, some people are prepared to wait for as long as it takes to sell their home at their desired price.

Therefore, you need to know which kind of seller you are dealing with: are they motivated to sell, or will they stick to their guns through thick and thin? You should suspect that the seller isn't motivated if they won't budge (even a little bit) on the price, if they have listed the house and taken it off the market several times, and if they haven't bothered to stage the house. If that's the case, don't waste time; decide whether you can pay the asking price, or move on.

The assistance of a real estate professional can make the process even easier for you. For example, a real estate agent who understands the area well can use facts and statistics to convince the seller that they are losing out on a good deal by overpricing their property. For help finding homes for sale, check out websites like http://www.riverandsea.net.


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2018© buying a home from a distance
About Me
buying a home from a distance

Searching for a home a hundred miles away from where I was previously living was hard. There was no way for us to take a trip up to see every single house that we found online to see first-hand the condition that it was in and how big it truly was. I had to find a real estate agent that I could trust to help us find several houses to make a trip up to see in a single day. I created this blog after going through the buying process and making the move. It is my hope that if you are buying a new home far from your current one, that the tips here will help to make it an easy transaction for you.