How to Deal with Low-Ball Offers
When you are selling your home on your own, chances are that you are going to run across a few buyers that will give you a really low ball offer. Unless you are absolutely desperate, you should never accept this kind of offer right off the bat. Here are some tips on how to deal with a low ball offer.
- If the offer is truly obscenely low, don’t get mad, but make it clear that the offer is way too low for you to consider it. There are a lot of home buyers out there, even in today’s market, and you don’t need to jump at the first offer you get. Sometimes, a buyer may simply be testing you to see how well you know the value of your property. Stick to your guns and don’t waver.
- One of the best ways to deal with a low ball offer is to produce a certificate from your appraiser that clearly states the value of your home. This is a great technique for those who don’t like to get into confrontations. It’s all right there in black and white and you won’t have to worry about convincing them. While few houses sell for the exact amount that they are worth, you can use this certificate to help your buyers know that you are completely aware of the value of your home and you’re not going to settle for much less than it is worth.
- Politely tell them you’ve had a better offer. Even if you haven’t had people knocking down your door, this is a technique that will help you get the offer back into territory where it belongs. Simply and calmly state that you have had better offers and cannot really consider theirs. If they are serious about buying your home, they’ll come up on the price. If they aren’t serious or if they make a scene, just show them the door. There are plenty of other offers waiting to come your way.
- State that you are firm on your asking price and will only deviate within a certain percentage. This lets a buyer know that you are not going to budge and that they are wasting their time trying to get a low ball price out of you.
It is important to note that some buyers will make a low ball offer simply because they can, or because they are laboring under the assumption that if they really undercut the price they can still negotiate for a better deal along the way. Just remember that you need to make money on this deal too. While it is one thing to try to convince buyers to take your home in a down market, you don’t need to take less than the home is worth either.
Find a price that you are comfortable with and that the market will support and then stick with it. You can budge a little, but do your best to avoid low ball offers.
Related – How to Get a Higher Appraisal