What happens if you fall in love with a house out of your price range? Well, you could walk away or make a low-ball bid, but how do you make a low-ball offer on a house?

A low-ball offer is described in many ways. First, it's usually more than 10 percent below the asking price of the house. Second, sellers usually find them insulting, so listing agents often have to plead with their clients to respond to the offer and engage the buyer. However, this can depend on how desperate the seller is. Third, low-ball offers can have a decidedly negative impact on the negotiation process.

If you're making a low-ball offer, you need to know how much homes have sold for in the neighborhood. You should ask your agent to help you find out how much foreclosed properties, short sale properties and properties that have been on the market for a long time sell for in the neighborhood.

Once you've assessed the sales price of homes in these three categories, and you've found a house you want to buy, you and your agent can start to compare the prices of the "comps" with your property of choice.

You can then decide how much the property should sell for and construct an offer. If you decide to make a low-ball offer, you have to prove your bid is worthy. For example, if you offer $80,000 for a home priced at $100,000, you have to show "comps" on other neighborhood homes that recently sold for $75,000 to get the seller to bite. However, if you offer $50,000 on a $100,000 home, the seller has every right to offended.

Sometimes low-bid offers work and sometimes they don't. But when they do, you'll get a property for an exceptional price.

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