Handling a Lowball Offer
Everyone loves a good deal. But when you’re the seller – and particularly when it has to do with the sale of your home – low offers can not only seem disappointing, but in some cases they can even be insulting.
By definition, a lowball offer is considered one that is substantially below the market value or the listing price of your house. With that in mind, it is important to determine whether or not the asking price of the home is realistic.
When presented with a low offer, there are a couple of ways you can handle it. One strategy is to do nothing and essentially let the offer expire. Another option is to make a counteroffer. Depending on how long your home has been on the market, any offer can be a good sign that there is interest in the property, so you don’t want to let the buyer get away. In this case, you can come back with an increased dollar amount, hoping to meet somewhere in the middle at a price that is acceptable to all.
In addition, even if your list price is on par with other comparable properties that have recently sold in the area, it can be worthwhile to consider any offer in its entirety. For instance, while a potential buyer’s offer price may not be what you were hoping for, there could still be some other enticing factors, such as a fast closing and/or an agreement to buy the home as-is without requesting any (potentially costly) repairs or updates.
One of the best ways to negotiate with buyers when you are selling a property is to work with an experienced real estate professional. Your agent can help you to consider all of the terms of the offer and to decipher the best method for moving forward.
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