Key Takeaways:
- All homeowners receive lowball offers for their property, no matter how good it is!
- Don’t be offended by the low offer. The buyer’s initial offer is usually just that – an opening bid. It’s not personal, and there’s no reason to get upset.
- Be prepared to counter the lowball offer. If you think your home’s worth more than the buyer’s offer, put in a counteroffer closer to your asking price.
- If you’re uncomfortable negotiating back and forth, have your real estate agent do it.
- If you can’t come to an agreement that you’re happy with, walk away. There are other buyers out there who will be willing to pay what your home’s worth.
If you’re the seller of a home that’s been on the market for a while and has had several offers but no sale, you’ve likely received at least one lowball offer.
While receiving an offer significantly lower than your asking price can be frustrating, there are ways to deal with this situation.
Low-ball offers are just what they sound like: an offer on your home much lower than what you’re asking for. So how do you handle them?
While it’s tempting to accept and be done with the offer, you must be patient and wait for the best offer.
In this blog post, we’ll teach you how to sell your home for the best possible price!
1. Don’t Be Offended & Remain Calm
Don’t take the lowball offers personally. Remember that the buyer is not trying to insult you; they are simply trying to get the best deal possible. Remaining calm and level-headed throughout the negotiation process is the key to getting the best deal. So, don’t let hot-headed emotions get in the way of getting the best possible price for your home.
2. Consider the Offer
Once you have received a lowball offer, it is important to take some time to consider the offer before responding. That will help you avoid making any hasty decisions you may regret later.
It is important to remember that a lowball offer is not necessarily a bad thing. In some cases, a low offer can be the start of a negotiation process that results in you getting a fair price for your home.
3. Do Your Research
Before you begin negotiating with the buyer, it is important to research and find out what similar homes in your vicinity have sold for. That will give a good idea of what your home’s worth and how much wiggle room you have in the negotiation process.
4. Make a Counter Offer
Once you have a crystal-clear idea of what your home’s worth, you can make a counteroffer to the buyer. It is important to be reasonable with your counteroffer and consider any repairs or updates that need to be made to the home.
5. Negotiate
Before you start negotiating, know what similar properties in your area have sold for recently. Be sure to have any Comparative Market Analyses (CMAs) from real estate agents to back up your asking price.
Also, be prepared to haggle. Don’t start with your highest number – leave some room for negotiation.
While negotiating, you also need to be flexible on the terms of the sale. The buyer may want a longer or shorter escrow period or want to include certain appliances or fixtures in the sale.
There may be certain items you are not willing to budge on, such as the sales price, but be open to negotiating other items, such as the closing date or repair requests.
If you’re flexible on these terms, it will be more likely that you’ll reach an agreement. If the buyer isn’t budging on their offer, waiting for another buyer willing to pay your asking price may be better.
Read: 7 Factors That Can Make Or Break The Value Of An Estate!
6. Don’t Be Afraid to Walk Away
If the buyer is unwilling to meet you halfway, don’t be afraid to walk away from the deal. There are far better buyers out there who may be more willing to negotiate in good faith. It is important not to let a lowball offer frustrate or anger you to the point where you are no longer thinking clearly.
7. Get Everything in Writing
Once you have agreed with the buyer, it is important to get everything in writing before moving forward with the sale. This will help protect both parties involved & ensure no misunderstandings down the road.
- The agreed-upon purchase price
- The buyer’s deposit amount
- Any contingencies that are in place (e.g., the sale is contingent on the buyer getting financing)
- The date of the closing
- Who will be responsible for paying certain fees associated with the sale (e.g., the buyer’s agent commission)
- The signatures of both parties
8. Seek Professional Help
If you feel overwhelmed by the negotiation process, seek professional help from a real estate agent or lawyer. A real estate agent will know everything from price to negotiation and what to include in the contract.
Conclusion
Your home is where your heart is. For most of us, our homes are our biggest asset – emotionally and financially. So, when it comes time to sell, it’s important to get the best price possible.
Websites like Zillow and iBuyers provide lowball offers on homes. While accepting the first offer that comes in may be tempting, you could be leaving money on the table.
Read: Getting a low-ball offer accepted is more an art than a science
Are you tired of these lowball offers, or don’t have time to list your house with a real estate agent? 941 Houses is here for you!
We know that selling your house in Saint Petersburg can be a hassle. It’s time-consuming, and often the process doesn’t go as smoothly as you’d hope. That’s why we offer a fast and easy solution – we’ll give a fair all-cash offer.
What makes us different? No real estate agent, no fees, no commissions!
Plus, when you sell to us, there are no closing costs or hidden fees. You walk away with cash in hand without having to do repairs. It is that easy!