Whenever I receive a low ball offer I have to hold back my gut reaction of wanting to call the buyer’s agent and say “Is your buyer CRAZY? How could they offer so little for such a great real estate property?”
I know that getting upset with the buyer’s agent is not going to get my seller’s house sold. So instead I calmly call the buyer’s agent and seek first to understand. As I am hopeful that the reason I received a low ball offer is because of a misunderstanding of the comps, the Spring Texas real estate market, or the cost of upgrades that need to be made to the home.
Usually the response I receive has nothing to do with the true value of my seller’s Spring TX home. But some other reason that makes sense in the buyer’s mind that the home is worth significantly less than the list price. It could be because the buyer has overestimated the cost of updating the home, the buyer may not be able to qualify for a higher loan amount, the buyer may think that the seller should take less for the home if it has been on the market for a while, or simply the buyer wants to get the best deal possible. There are probably as many reasons why a buyer thinks a seller should take a low offer as there are days in the year.
As a seller, you need to remember that an offer is an offer no matter how low. The biggest mistake you can make is to flat out reject the offer. Sometimes the buyer just wants to see how aggressive you are willing to negotiate.
Based upon the buyer’s rationale for his low ball offer, determine your negotiating strategy and provide the buyer with a counter offer. Don’t let your emotions get in the way and become insulted. Give the buyer a counter offer and let the negotiations go where they may. Sometimes the buyer will come to his senses, realize that you are not going to give your house away, and counter back with a more realistic sales price.
Jill was phenomenal during every step of selling my father's home. This process was extremely difficult for me, as... read moreJill was phenomenal during every step of selling my father's home. This process was extremely difficult for me, as my father passed away last year. Jill listened to EVERY story I had, and there were a lot of them! She allowed me to share the memories of the house, which helped me prepare to let it go.She is very knowledgeable in what to and what not to do in regards to getting the home ready to sell, what to tackle during the negotiation process and she made the closing extremely convenient. She was thoughtful enough to place the "sold" sign on the property a week in advance, to allow me time to process it all. Paying constant attention to what is happening around your listing is one of JIll's many strengths. Her goal is to get you the most money for your property, and she has different strategies to that end result. I not only gained a new realtor, but in JIll, I also gained a friend! I will be forever grateful for her through this tough process and I know my Dad would have loved her! "Thanks," will never be enough! read less