Your agent is required to bring you any and all offers made on your home, so once and a while you’ll receive what’s known as a “lowball” offer. Lowball offers are buyer offers which far fall below your asking price. Sometimes they’re so low that they only serve to make you angry.
Don’t get angry! While selling your home is an emotional process, there are rational, effective strategies for dealing with the lowball offer. Sometimes the lowball offer can even turn into the right price if you handle negotiations the right way.
1.
Remain calm. Your urge
may be to tell the buyer to go #*&@! themselves, but there’s nothing to be
gained in making enemies.
2.
Understand that
sometimes buyers aren’t familiar with true market value. They may be from
somewhere where homes are much less expensive, or they could be first-time
buyers who have been counseled by friends and family to begin with lowball
offers.
3.
Have your agent
communicate that while you’re happy to work with them as buyers, you’ll need an
offer which is somewhat more competitive and at a level you could consider
seriously.
4.
Consider countering
for a small amount off your asking price to signal your willingness to
negotiate, but reiterate that you will need to hear something more in line with
market value to continue negotiations.
5.
Alternately, if you
really are in a hurry to sell, counter with your rock-bottom offer. This number
may not be close to their low ball, but it could be substantially less than your
listing price. This may make the low ball buyer suddenly reconsider their
position, tempted by the opportunity to purchase the property at what they
consider to be a “substantial discount.”
6.
Ask the buyer to
justify their price. If they truly believe their offer is genuine and fair,
they should be able to point to reasons why your listing price is inflated.
Make them show their homework. If they haven’t done it, you’ll know soon
enough.
7.
Don’t fall for the “but
we can’t afford more” pity play. Sympathize with their financial situation, but
in no way let it sway you from the true value of your home.
Of course sometimes a stream of lowball offers
can indicate that the home is priced too high. Occasionally agents will “buy
the listing” by assuring sellers they can get the higher price, only to take a
lower offer much later down the line. It’s not a sound strategy. If you’re
looking for the honest market value of your home, get in touch with me today:
#OconomowocHomesForSale #HomesWithStacey.com
