If you’re a home seller who receives lowball offers for your home, what can you do to make those low offers workable? Today I’ll share a few tips.
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Home sellers: Don’t get upset about receiving a lowball offer. Simply talk to the buyer’s agent and see if you can have a meeting of the minds and move your transaction forward.
When I receive low offers for one of my sellers’ homes, the first thing I do is check my comps (comparable homes) to make sure that we were priced right in our marketplace.
Simply talk to the buyer’s agent and see if you can have a meeting of the minds and move your transaction forward.
If we are priced correctly, the second thing I would do is speak with the buyer’s representative to ask if they’ve run their own comps. Almost every time I’ve done this, I’ve learned that they didn’t, but if they did, I’d ask them to send their comps to me so I can go over their numbers with my seller. In doing that, I can come up with a counteroffer that makes sense to both parties so that one doesn’t get upset and walk away from the transaction.
Asking about the buyer’s comps also shows that we’re serious about selling the property and compels them to move forward with another counter or accept your counter.
If you have any questions about responding to low offers or anything else to do with real estate, don’t hesitate to reach out to me. I’d be glad to hear from you.