Here’s a great homebuying hack … knock on doors!

Everyone is afraid to knock on homeowner’s doors. Well, you need to get rid of that fear because it’s a good way to get a great home at a reasonable price.

Here’s what you do: you go knock on doors of run-down houses, for example. Let’s say you knock on ten doors of ten bad-looking houses. At each of those homes, when the owner answers, you look them straight in the eye and you make an offer.

Of course, this all starts with due diligence. You will know ahead of time that a house is worth $500,000 or $700,000 or whatever the market is, and then you’ll make an offer for $400,000. And if you do that enough, you’ll get a great deal.

Here are more strategies on making low offers on homes.

When it comes to making low offers, there’s a delicate balance between being a smart negotiator and potentially annoying the seller. While, of course, you want to secure the best deal possible, you have to be tactful and considerate during this process.

First, as mentioned earlier and foremost, research is critical. Before making any offer, do a deep dive into the local real estate market. Understand the current trends, comparable prices, and the average time homes are on the market. Having this knowledge at your disposal allows you to make a more informed decision about how far below the asking price your offer should be.

Timing is also very important. If a property has been on the market for a long time, the seller may be more open to negotiation because what they’re offering clearly isn’t working. Also, if you’re in a buyer’s market, where there are more homes available than there are buyers, you may have more leverage to come in below asking price on an offer.

When crafting your offer, remember to be respectful and professional. Instead of presenting a low offer and giving the owner a “take it or leave it” energy, present the offer as a starting point for discussion. Include a well-thought-out justification for your offer, which can include the relevant market data you researched or repairs the property will require. This not only shows your seriousness but also provides a framework for the seller to consider your proposal.

You should consider factors that can make the deal more appealing for the seller. If you’re flexible on the closing date or perhaps okay with taking the property in its current condition, these concessions may make your lower offer more palatable. And having a pre-approved mortgage can give sellers confidence that you’ll be able to secure financing.

Communication is key throughout this entire process. Keep the lines of communication open with the seller or their agent and be ready to engage in negotiations. Be patient, don’t panic, and be prepared to compromise to reach a mutually beneficial agreement.

Of course, you have to be aware of the potential risks associated with making low offers. While it may ultimately work in your favor, it could also lead to the seller rejecting your offer or even becoming offended. Striking the right balance is crucial to ensure a positive and beneficial experience.