- 10 Things that Can Scare Away Home Buyers
- Factors That Increases or Reduces the Chance of a Property Selling
- How to Know If you Have Priced Your Home Too High
- How To Stage Your Home For A Sale
- Six Creative Ways to Market Your Home
- Tips for Creating an Effective Property Listing
- Top 6 Negotiation Tips For Home Sellers
Turning that Lowball Real Estate Offer into a Winning Shot
You’ve decide to say goodbye to the house filled with happy memories. The calculation is finally complete and your home is ready for showing prospective buyers. You have already decided on the price, but for some reason that 'For Sale' sign seems to have settled comfortably in your front yard, making it seem like your home will never get sold. And, all those lowball offers are making you fraught with anxiety and frustration.
Having set a realistic value, ridiculously low offers are bound to upset you. You know your home's real worth and you expect to get a decent sum for it. Just because an opportunistic moment hasn't presented itself does not mean you need to settle at a miserably low offer. At the same time, turning down a low offer without proper consideration is inclined to backfire. How do you deal with lowball offers without showing the buyer any sign of desperation or complete disregard? How do you get the buyer to come up to a price that is good for you and not stuck within a range that is downright insulting?
What do low ball offers mean and how do they affect you?
If the prices quoted by potential buyers are far less than the asking price, it is termed as a low ball offer. While no one can precisely say if the price is truly low ball it is the response of the seller besides factors such as prevailing economic condition, seller's financial position and expectation determine the criteria.
If low balling is an issue for you while your house is on the market, you need to have a good strategy in place. Here are some tips to help you.
Get a good realtor
All your real estate requirements must be handled by a competent realtor. He should know the real estate market very well and should have experience in handling low ball offers. Since he will receive a commission for his services, make sure you hire the best and get the right advice on handling low ball offers. You want someone who is capable of getting you what you want with minimum hassle and can settle the deal in a calm, collected manner, rather than someone completely disoriented and emotional.
Keep checking the real estate market regularly
Every offer made is not necessarily a lowball offer. When you set a price for your house, make sure you regularly check its competitiveness. The real estate market rises and falls very often, so prices change regularly. If the asking price is way too high and does not reflect the market realities even remotely, offers made at minimal rates cannot be called low balling. Hence, the property prices should be changed according to recent market analysis.
Don't be emotional
Exhausting though it is, lowball offers shouldn't faze you. Review the purchaser's terms before returning the ball to his court. You treasure your house, so make the buyer see it through your eyes before responding with a definite NO! The whole game of selling is negotiation-based. It may start out rough but it's up to you to decide how you want to navigate it.
Respond to low ball offers because you need to negotiate. You could counter with prices you're willing to come down to. However, make sure to counter with something that is reasonable yet profitable for you. The amount settled on should be closer to your asking price. Unless you really need to sell the property quickly, you can meet the buyer halfway.
You, the seller, are in control and have the final say whether the offer is a go. So the final decision should be made based on your personal reasons and not the influences of the buyer. If you are unhappy with the offer, have the courage to politely decline it.
Some sellers get upset with low offers. Others may give in out of inexperience or exhaustion. It is advisable that you respond to a lowball offer with prudence and without getting emotional. Rely on your realtor for counsel before deciding. And, you should be fine.