My Advice on Handling Lowball Offers on Your Home
Posted by Ed Pluchar on Thursday, October 17, 2019 at 2:29 PM
By Ed Pluchar / October 17, 2019
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If you receive a lowball offer, I don’t think you should flat out reject it. Here’s what you should do instead.
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Let’s say you have your home on the market for $300,000 and an offer comes in at $250,000. You’re hoping to get at least $280,000, so you have every right to decline the offer right then and there.
However, you can also counter this lowball offer. I would typically advise at least trying to counter in this kind of situation. Here’s why. A lot of buyers, especially first-time buyers, have the mentality of “let’s see what can happen” when they’re making a lowball offer. Someone with that mentality will typically bring their price up more than you think after negotiation. They may come up to $260,000 or $275,000 quicker than you think.
I would advise at least trying to counter.
”This happens pretty frequently. A lowball offer gets countered, then the buyer comes up to an area where the seller would accept it.
If you have any questions for me about this specific situation or about anything else related to selling your home, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.
If you have any questions for me about this specific situation or about anything else related to selling your home, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.
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