Selling a home has its share of frustrations. One of the things that you may experience along the process that can make you feel frustrated is receiving a low-ball offer. What is a low-ball offer in the first place? It is an offer from a buyer that the homeowner feels is too low compared to the listed price or the home’s value.
There is no specific amount considered as a low-ball offer. It varies from one home seller to another. One person may consider an offer that is $10,000 below the asking price a low-ball one, while the other may consider an offer one if it’s $20,000 below the listed price.
Common reasons for low-ball offers
There are various reasons why buyers give a low-ball offer, and one of them is that they think that your price is too high. You and your real estate agent should work together to come up with a competitive price. Research the market properly to know the current value of your property. Market prices change depending on various factors, so be sure to check the present market if it has been long since you had your property first listed.
It could be that your potential buyers are also investors, and they are known to be tough when it comes to making deals since they will use it for their business. Another possible reason for a low-ball offer is that the buyers are not familiar with the market and the average property value around the area. They may also just be getting advice from their agent or people they know. Others may be testing the waters and see if you will take it. No matter what their reason is, the decision if you will accept that offer or not is entirely up to you since you are the homeowner.
What to do when you get a low-ball offer
You may come across a low-ball offer when selling your home. This kind of offer is still something compared to not having anything at all. Also, this is just the start; it doesn’t necessarily mean that it will end up badly since there is still a possibility for negotiations.
Keep your emotions checked
Why you may feel angry or frustrated when you receive a low-ball offer, do not dwell on those emotions. Shake off that feeling and focus on your primary goal, which is to sell your house. Do not let it lose your cool so that you can think clearly on how to improve your chances of getting the right offer and closing the deal.
Ask why their offer is too low
You may ask the buyer why the offer is low, so you will know the exact reason. With that, you can determine if it’s something that you can work on.
Respond to their offer
Respond to the buyers even if you will not accept their offer, but do it politely. You can either let them know that your sticking with your original price or give them a lower amount that you can accept. It can be the start of a negotiation that can end with a deal where both parties will be pleased.
You may also sell your house to wholesale buyers instead of a direct buyer. There is no need to worry about a low-ball offer with this one because they will offer you a fair amount. Know more about this option, as well as its benefits and process by looking up sell my house fast Fort Lauderdale on your Internet browser.