Don’t Submit a Lowball Offer In NYC (2025)

Many home buyers in NYC are attracted to the idea of making a lowball offer to purchase a property below its market value. While this is an appealing fantasy, it lacks grounding in reality. NYC homeowners are unlikely to be unaware of their property’s value, as it is relatively easy to determine the fair market price due to the density and volume of real estate transactions in the city.

For instance, sellers in medium to large condo or co-op buildings can often assess their home’s value just by looking at other sales within the same building. A seller of a brownstone in Bed-Stuy can usually find a comparable sold property (or a “for sale” sign) without needing to leave their block.

As a result, the likelihood of finding a seller who is clueless about their property’s value is extremely low.

Even if a seller initially lacks information about their home’s worth, their listing agent, neighbor, or a family member will likely inform them. This will occur before they accept a lowball offer and certainly before a signed contract is finalized.

If you are buying a co-op, there is little chance of securing a lowball deal, even if the seller is willing, because the co-op board will probably reject you.

But what if a seller is in urgent need of cash? Could a distressed seller consider a lowball offer? While this is possible, the chances of encountering such a seller at just the right moment are very slim.

If a property is on the market, it indicates that there are other buyers interested. Even desperate sellers will be aware of the demand and the implied fair market value. Consequently, your lowball offer is likely to stand out in a negative light.

When submitting a bid significantly below the asking price, it is essential to provide evidence that the apartment is listed for more than its actual worth. This includes presenting statistics, market trends, or comparable sales—commonly referred to as “comps”—to justify your low offer.

If you’re looking for a seller who is motivated, it’s best to focus on off-market listings.

Submitting hundreds, if not thousands, of offers on random properties without seeing them over the course of a year may give you a shot at snagging a property. But is this really worth your time?

The city is full of other opportunists using the same strategy. Many of these competitors are all-cash investors, making it difficult for those who are financing to compete.

Now that we’ve established why it’s doubtful that you’ll secure a New York City property below market value by making a lowball offer—especially on a listed property—does it ever make sense to submit a lowball offer?

What if there’s a property you really want? Perhaps you currently live there, and your landlord is interested in selling the property. Should you start with a lowball offer, or is that a mistake? I

In our opinion, submitting a lowball offer in NYC is almost always a waste of time.

New Yorkers are proud people and generally don’t respond well to perceived disrespect. A lowball offer can trigger a seller’s fight-or-flight instincts, potentially leading to your blocklisting.

We’ve seen it repeatedly: a buyer falls in love with a property but, lacking research on market norms, submits a lowball offer to start negotiations, even though they’re willing to pay more.

The seller often feels offended, refuses to counter, and stops responding to the buyer—even if that buyer submits a higher offer later. Eventually, the property sells to someone else for around the price that the original lowball bidder was willing to pay.

As hinted earlier, many sellers in NYC become so offended by a lowball offer that they will outright refuse to work with that buyer. In fact, the seller may become even more motivated to sell to another buyer to restore their pride and ego after feeling insulted.

So, if you’re considering a lowball offer in NYC, think again. Your offer could motivate the seller to work even harder to find a buyer who is not you. If lowball offers are off the table, what’s the best way to submit an initial offer?

As outlined in this article, your preliminary offer price in NYC should be the lowest amount that can still initiate a dialogue or counteroffer from the seller.

Additionally, buyers need to fully document any offer to appear credible, regardless of the offer price. Sellers rarely take verbal offers seriously in NYC. Include a REBNY statement.

You can be slightly more aggressive when bidding on new developments since the seller is typically a legal entity with many stakeholders, making them less likely to react out of emotion.

Don’t disappear if you don’t receive a counteroffer

Stay in contact with the seller’s broker. If a buyer does not follow up after making an offer, the seller’s agent is likely to view the buyer as less serious, according to Lahav. This is especially important when there is significant interest in a well-priced property.

What if the seller does not make a counteroffer? In that case, the buyer should contact the seller’s broker to determine if there are other offers and counteroffers. If there are different offers, the buyer will need to submit a stronger offer, typically within 10 percent of the asking price.

If the property has been on the market for an extended period, buyers can afford to be more patient but should still check in with the seller’s broker regularly.

Bottom Line

In conclusion, think very carefully before submitting a lowball offer when buying in NYC. The potential upside is limited, while the downsides can be significant. There’s a high chance that you’ll offend the seller and eliminate yourself from consideration, even if you’re genuinely willing to pay much more for the property.