Your house is a place where you put your heart and soul. They say, “A house is not a home” and it’s true because you can’t recreate memories. When the time comes to sell your house, you often think about it emotionally. On the other hand, a real estate agent tends to see all the facts and figures, and then takes a logical decision.
So, what is the one thing that owners hate? A low ball offer. The moment you hear the low price, you get up and walk away. Have you ever wondered that if you leave the deal on the table, there’s a possibility that you and the buyer can come to a compromise. This is where I jump in and help you out in tipping the scales in your favor.
Before walking away from the deal, ask yourself these questions to make sure that you are taking the right decision:
#1 – Should I Reject the Low-Ball Offer?
What you should be concerned about in a low-ball offer is not what the buyer quoted but how far they are willing to go in negotiations. Of course, if the price quoted is below 25%, then you can leave the deal. Working on a low-ball offer builds trust in the eyes of the buyer. Don’t let emotions cloud your judgment.
#2 – Is The Price Quoted Really Low or Lower Than What I Wanted?
Say, the buyer did quote 25% below the asking price. Then, you are allowed to leave the deal. However, this depends on the price range. People selling a house for $100,000 will leave an offer made for $80,000. However, an offer of $1.7 million made on a house worth $2 million is still considered. So, what you need to do is revise your plan and come up with a different angle to take the price offered close to your asking price. This includes highlighting the facilities offered nearby.
#3 – Is My Asking Price Too High?
This is a debatable question because if you receive more than two low-ball offers in a row, then there’s a high probability that your asking price is too high. To help you set the right price, I provide comps that allow you to make the right decision.
#4 – What Am I Selling My House For?
Did you get a job promotion to another city? Are you expecting a baby? Are you getting a divorce? Is your elderly relative moving in with you? What is the reason behind the sale? The moment you figure it out, you can market your house better. A great way is to ask the buyer for deal sweeteners such as a bigger down payment, a pre-approval letter or fewer inspection contingencies.
#5 – Is My Willingness To Cooperate With the Low-Ball Offer Coming Of As Desperate?
Don’t let a low-ball offer get to you. Often sellers believe that a low-ball offer is insulting and thus, they refuse to negotiate. Take the negotiations as far as you can and then calculate the amount of time taken to get this buyer. The longer your house sits on the market, the harder it will become to sell it because by now, people are thinking that there is something wrong with the house.
When you get more than two low-ball offers, it’s clear that the house has potential and that is the reason why it is getting so much attention. Don’t let go of these offers unless they are below the 25% mark. Who knows, the buyers might get into a bidding war. My job is to make sure that your house sells for top dollar. Visit SteveBhalla.com if you are looking to sell your property with the help from an expert real estate agent in the market.