What to Do When an Offer Comes in Well Below Asking Price

What to Do When an Offer Comes in Well Below Asking Price

Fissori Real Estate Central Coast Podcast

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What happens when a buyer makes a lowball offer on your home? Don’t reject the offer right away; I have five tips to help you turn that offer into a sale.Want to sell your Home? Get a FREE home value report.Want to buy a home? Search all homes for sale.What do you do when you receive a lowball offer on your home? I have five tips for you today. First of all, don’t get insulted. Just because a buyer starts out with a low offer doesn’t necessarily mean they are trying to take advantage of you. They might be moving from an area where lowball offers are the norm or where home prices are substantially lower than they are in your neighborhood. As a seller, there is a natural tendency to get upset when you receive a lowball offer. The initial bid is only the starting point; there is usually room for negotiation. Don’t just reject the offer outright. The next step is to respond gracefully. Even though you’re not exactly thrilled with the offer, a little gratitude can go a long way. Put yourself in the buyer’s shoes. Would you want to raise your offer if the seller was rude to you? Probably not. When you send your counteroffer, cushion your response by saying something like, “We greatly appreciate your offer and would love to work with you.”“Deciding on a sales price is like playing a game of chess. ” Thirdly, make a strategic counteroffer. Assuming that you priced your home well, don’t feel pressured to drastically slash your price. Some people are so eager to sell their home that they counter too low. Remember, you don’t have to meet the buyer halfway. You should also expect a counteroffer to your counteroffer. Agreeing on a sales price is like playing a game of chess; you make one move and the buyer makes another before both parties agree. It may take some time, but just remain patient. Finally, remember that you can negotiate on terms. There are other ways to sweeten the deal besides lowering the price. For example, depending on your timeline, you could ask the buyer for an early close of escrow. If you have already purchased your next home, settling in 30 days instead of 45 would reduce the amount of time that you would have to pay two mortgages. You could also ask the buyer for fewer contingencies. One way to save money would be to make the home inspection an information-only inspection. In other words, the inspector would tell the buyer about any issues in the home, but you would not be required to make repairs. There are numerous terms that can be negotiated in a real estate contract; it just takes communication to figure out which ones are the most important. The right Realtor can help you negotiate through these offers and counteroffers to get you the best deal. As you can see, a lowball offer is really just the starting point of your home sale. If you have any other questions about selling your home or about real estate in general, give me a call or send me an email. I would be happy to help you!
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What happens when a buyer makes a lowball offer on your home? Don’t reject the offer right away; I have five tips to help you turn that offer into a sale.Want to sell your Home? Get a FREE home value report.Want to buy a home? Search all homes for sale.What do you do when you receive a lowball offer on your home? I have five tips for you today. First of all, don’t get insulted. Just because a buyer starts out with a low offer doesn’t necessarily mean they are trying to take advantage of you. They might be moving from an area where lowball offers are the norm or where home prices are substantially lower than they are in your neighborhood. As a seller, there is a natural tendency to get upset when you receive a lowball offer. The initial bid is only the starting point; there is usually room for negotiation. Don’t just reject the offer outright. The next step is to respond gracefully. Even though you’re not exactly thrilled with the offer, a little gratitude can go a long way. Put yourself in the buyer’s shoes. Would you want to raise your offer if the seller was rude to you? Probably not. When you send your counteroffer, cushion your response by saying something like, “We greatly appreciate your offer and would love to work with you.”“Deciding on a sales price is like playing a game of chess. ” Thirdly, make a strategic counteroffer. Assuming that you priced your home well, don’t feel pressured to drastically slash your price. Some people are so eager to sell their home that they counter too low. Remember, you don’t have to meet the buyer halfway. You should also expect a counteroffer to your counteroffer. Agreeing on a sales price is like playing a game of chess; you make one move and the buyer makes another before both parties agree. It may take some time, but just remain patient. Finally, remember that you can negotiate on terms. There are other ways to sweeten the deal besides lowering the price. For example, depending on your timeline, you could ask the buyer for an early close of escrow. If you have already purchased your next home, settling in 30 days instead of 45 would reduce the amount of time that you would have to pay two mortgages. You could also ask the buyer for fewer contingencies. One way to save money would be to make the home inspection an information-only inspection. In other words, the inspector would tell the buyer about any issues in the home, but you would not be required to make repairs. There are numerous terms that can be negotiated in a real estate contract; it just takes communication to figure out which ones are the most important. The right Realtor can help you negotiate through these offers and counteroffers to get you the best deal. As you can see, a lowball offer is really just the starting point of your home sale. If you have any other questions about selling your home or about real estate in general, give me a call or send me an email. I would be happy to help you!
...Read More