A lowball offer is an offer that is substantially below the listing price of a house. If you are going to buy a house, you might as well try to get it for as low as you possibly can. For this reason people sometimes make low offers because you never know if the sellers will accept your offer. More often than not sellers are offended at lowball offers and do not seriously consider accepting the offer. Homeowners are usually emotionally attached to their home and are incensed when people put in an offer that is well below what is considered the true value of the home. Sometimes sellers will accept lowball offers but only if they are presented correctly. If you are going to make a lowball offer on a house, do not make these three mistakes.
Litigation free land - Ensure that the land on which the flat is being built is free from any legal problems. If you don't check this you may end up in vacating the flat as it might be demolished. Ensure that the builder has an approved plan. If you are buying a ready to occupy flat/apartment, ask the builder for Completion certificate. If you are buying a flat/apartment under construction/yet to start, ask the builder for commencement certificate. Government Permission - Check if the government has granted permission for construction of flats. As per the government records, the land should come under the category "build able" land. If the land does not have such permission, this will be considered as an illegal construction. Ask the builder to show a sanctioned building plan. Property Taxes - Do ensure that all the required property taxes to the corporation departments are properly paid and up-to-date. Ask the builder to provide you with the receipt of the latest tax payments to make sure that they are being paid. We are in a buyers' market right now. You cannot say to yourself or anyone else that you "need to clear a certain amount of money from this deal." Buyers are willing to walk away from contracts if everything does not go their way. They want to move in and be hassle-free. No one wants to deal with home repairs or replacing worn out carpeting or repaint over your custom colors. It may be unfair but it is reality. Buyers have so many other houses to choose from that if you balk at making repairs because you hated the fact that you had to lower your asking price, they will cancel your contract. There is no such thing as selling a house "as-is" in this market. Don't forget that if you make the repairs and close on your sale, as the buyer of another house, you get to be in the driver's seat and negotiate hard for everything you want. But first you have to sell your current house.
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