When selling a house, you should not be surprised if you receive a lowball offer on it. This can happen with any home, and it usually occurs when a person is looking for a steal when it comes to homes for sale. If you receive an offer that is way lower than your asking price, there are several options you have for responding to it, and here are some suggestions.
Reject the offer instantly
A lot of homeowners will immediately feel insulted when they receive a lowball offer, but you should not let it get to you. There is nothing you can do to stop this from happening, and it probably has nothing to do with the condition of your home. If you are insulted or do not even want to deal with the person that made the lowball offer, you have the right to reject the offer as soon as you receive it by writing this on the contract and giving it back to him or her. The person that made the offer could then walk away from the deal or present you with a more realistic offer.
Counter the offer
A second option you have when you receive a lowball offer is to counter it. For example, if someone offered to pay $100,000 on your house that was listed at $150,000, this would be considered a lowball offer. Instead of rejecting the offer, you could come back with a counteroffer of any amount you choose. You could counter it at $148,000 if you really want to sell the house for an amount that is close to your asking price, or you could come in lower if this suits your budget. The buyer then would have an opportunity to review your counteroffer and accept or counter it.
Ignore the offer
The other option you have is to simply ignore the lowball offer and act as though you never received it. The offer made to you will have a stated time period in which you must respond; however, you can choose to ignore it and not respond at all to the person. This is often the best way to handle offers when they are really far off.
These are the main three responses you can choose from if you receive a lowball offer. If you have questions about this or would like to list your home, contact a real estate agent today.Share
17 May 2017
I have never been one of those people who loves to shop, which is probably one of the reasons I had such a difficult time choosing a house. I wanted to find the perfect little place for my family to grow up, but that was easier said than done. I knew that I wanted to work with a professional who could really grasp my vision and put me in a place that I would love, so I started focusing on finding the right professional. After a brief search, I was able to find a team of real estate brokers that I knew would do a great job. This blog is all about choosing the best real estate agent for your personality.