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How to Handle a Low Ball Offer on Your Home
Your house is probably precious to you. You have years of fond memories, and hours of sweat equity poured into the place. So when a low ball offer rolls in from a buyer, it's understandable to be irked.
However, it's important not to lash out or act rashly. A low ball offer can sometimes turn into a healthy negotiation and a happy sale, if you play your cards right.
First, let your agent know if the offer is too low to warrant a counteroffer and that you are willing to negotiate but only once a more reasonable offer is made. Next, ask the agent if the buyer was shown comparable market values of similar homes that have recently sold in your area. Ask if the buyer is properly qualified.
If the buyer was not qualified or is uninterested in making a higher offer, let them go, and try not to let your feathers get too ruffled in the process. The right buyer will come along. However, if the buyer is qualified and makes a higher offer, it's time to negotiate.
Be patient, know your home’s worth, adopt a positive attitude, and do not let emotions – anger, pride, greed, or prejudice – get in the way of negotiating the best deal. Your home obviously means a lot to you, but you have already made the decision to move on, so begin to think of your home as “the house” or “the condo,” instead of “my home.”
When reasonable offers come along, take them seriously. You can always counter any offer made by the buyer that comes near your asking price. Do not spoil a good deal over a few hundred dollars.
As a Member of the Top 5 in Real Estate Network®, I, along with my team, have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact our team any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.
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