What Do You Do When You Get a Lowball Offer On Your Home?
Your home has been on the market for awhile, and you are anxious to sell. But not so anxious as to accept the lowball offer that has just been presented to you. What can you do?
Before you outright reject a lowball offer, think about how you can respond. An offer means someone wants to buy your home and if you haven’t had an offers, then you should at least respond with what you are willing to accept. Perhaps a lower offer would be acceptable if you didn’t offer concessions such as closing costs, or if the closing date and other terms are otherwise agreeable. Leave your emotions out of it, remain calm and discuss your options with your realtor.
A counter offer signals that you are willing to negotiate. Some buyers always make low offers to test your limits, or they’re afraid they’ll overpay.
Review the comps with your realtor. Some buyers attach comps to lowball offers, but check to be sure the comps are reasonable. You can respond with your own comps showing how you justify the value.
Some buyers feel that when a house is vacant, that it signals an anxious seller. Consider staging the house so that it appears lived in but not desperate!
The response of a counter offer is usually the best decision, at least you’ll keep the negotiations open and will possibly come to a deal on price and terms that work well for everyone. If you do not respond at all, you’ll never know! Don’t assume that just because you get a lowball offer that the buyer is not willing to negotiate. We’ve seen buyers come up by large sums after all is said and done!