Selling your home is an exciting process and the last thing you want is to receive an offer that is below your asking price. Although it is great that you have received an offer on your property, receiving a low ball offer can leave you with a sour taste in your mouth. Often sellers feel emotional when receiving these low offers because they feel that the offer is a reflection of them or their home. However, there are things that you can do along with your real estate professionals to turn that low ball offer into a home run.
1. Don't Get Insulted
The first impression that we get when we receive a low ball offer is that the potential buyer on the other end of the offer is trying to take advantage of you. This is not always the case, as a buyer you are always trying to make sure that you can get the best possible deal and putting in a low offer often signifies that you are willing to negotiate. In a situation where a potential buyer puts in a low ball offer, it could also be that this individual is coming from a market where putting in a low ball offer is common practice. Make sure to work with your real estate team in order to determine whether this low ball offer is one that you can work with.
2. Respond Gracefully
Even though you may not be ecstatic by receiving a low offer on your property, responding with gratitude and grace can really go a long way when it comes down to negotiating the deal. Your real estate team can be your representatives in this situation to make sure that the offer is heard and responded to appropriately that keeps the conversation open. The reason having a professional to work with you is the are experienced in making sure that both parties are heard without emotions involved.
3. Write A Strategic Counteroffer
As a seller you have more than two options - to either reject or accept the offer - you have the ability to counter the offer and try to find a common ground where both you and the buyer compromise. Always consult your realtor to find out what is the best term to counteroffer, perhaps coming down on your initial offer by $5,000 - $100,000, depending on the value of your property. This will allow to keep the conversation going and ultimately end up with a great offer for your home.
4. Expect To Receive A Counteroffer From The Seller
Negotiating a deal on your home can be like playing a game of chess and your real estate agent knows the exact right steps to take in order for you to create a victory. Often times when a seller presents a counteroffer, the buyer and their agent will respond with another counteroffer. It is important to remain patient throughout this process because in the end you will get your property sold and be happy with the result.
5. Be Willing To Negotiate Other Terms
If you are still struggling to come to a compromise with the buyer, another thing you can do is to add in other terms that you can use to negotiate on. These can include listing the days to possession from 45 days to 30 days so you limit the period of time you will be holding two mortgages, you can also ask for other contingencies such as repairs and home inspections to help you save money and sweeten the deal for your buyers.
No matter what happens through the negotiation process, always be sure to work with and listen to your professionals. They have your best interests at heart and have been in this situation many times before. They will help you keep your emotions out of it and provide you ways to have patience throughout the process.