When you receive an offer on a listing for less than asking price, you should not give the sellers the price over the phone so that they can think about it before you meet with them.
Why would a seller accept a lower offer?
Your cheap offer will probably be rejected if the sellers want to maximize their profit potential in the competitive market of today. However, if the sellers are in financial difficulty, the property was an inheritance, or they have already closed on another house, they might be more willing to accept less.
What happens if you offer more than the asking price?
Having to withdraw from a contract you overbid on could result in the loss of your earnest money deposit, depending on your timing and contingencies. Your mortgage lender may reject your loan application or provide you authorization for a sum insufficient to cover your offer.
Learn more about asking price: https://brainly.com/question/13056190
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