Picture this: you just put your home on the market with some gorgeous photos of the remodeled kitchen and beautiful landscaping. An offer comes in the next day! …but it is 30% below your listing price. It is easy to feel indignant and to tell your REALTOR® to cut them out of the running immediately. You feel that your home is worth every penny you are asking for, but there are ways to turn this bunt of an offer into a home run.
1. Make sure to leave your emotions at the door. Selling your home is a very personal thing, but you can’t take a lowball offer as a personal attack. The person probably is not trying to take advantage of you. Maybe they are moving from a market where lowball offers are the norm, or where home prices are lower than your neighborhood. It’s never a good idea to reject an offer outright if nothing else is on the table. There’s always room for negotiation!
2. Respond with some gratitude. Sure you may think the offer is rubbish but that is no reason to go ahead and tell them that. Starting off your negotiations with a negative connotation can nip the deal before it even got started. If you think about it from the other side, would you want to raise your offer for a rude seller? Instead thank them for the offer and say you’d like to work with them and present your counteroffer.
3. Write a counteroffer that will move you forward. Often times in negotiation sellers are eager to sell and present a counteroffer that is too low. If your original listing price was on target, stay near that end of the spectrum if you know it is worth it. Explain your reasoning and provide information for similar homes in the neighborhood. Your Shorewest, REALTOR® has done quite a lot of work researching comparatives to price accurately so use this to your advantage! Or draw attention to the latest and updated features of your home. These can make compelling arguments.
4. Expect a counteroffer in return. Going through counteroffers can feel like a game. Both parties need to remain patient; this may go on for a while until you both agree on a sale price.
5. Try negotiating other terms. Are you having a hard time agreeing on a sales price? There are other ways to tip the deal in your favor. You could ask the buyer for an earlier settlement date. Or for fewer contingencies. A great deal would be to have the home-inspection contingency an information-only inspection. This means that you will not be asked to make any repairs.
Lowball offers may send a curveball your way but it doesn’t mean the deal has to be a strike-out! Negotiating opens up new doors for what the buyer will do to seal the deal. Listen to your Shorewest, REALTOR® when it comes to how to handle yourselves and what your next move will be. You never know how sweet the deal may end up! #ShorewestRealtors #SellersMarket #LowballOffer
Source Credit: realtor.com