Fielding a Lowball Purchase Offer on Your Home
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| David Zur 786-683-2444 Beachfront Realty Inc. 18205 Biscayne Blvd Suite 2205 Miami FL 33160 |
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Consider before you ignore or outright refuse a very low purchase offer for your home. A counteroffer and
negotiation could turn that low purchase offer into a sale.
You just received a purchase offer from someone who wants to buy your home. You’re excited and relieved, until
you realize the purchase offer is much lower than your asking price. How should you respond? Set aside your
emotions, focus on the facts, and prepare a counteroffer that keeps the buyers involved in the deal.
Check your emotions
A purchase offer, even a very low one, means someone wants to purchase your home. Unless the offer is
laughably low, it deserves a cordial response, whether that’s a counteroffer or an outright rejection. Remain calm
and discuss with your real estate agent the many ways you can respond to a lowball purchase offer.
Counter the purchase offer
Unless you’ve received multiple purchase offers, the best response is to counter the low offer with a price and
terms you’re willing to accept. Some buyers make a low offer because they think that’s customary, they’re afraid
they’ll overpay, or they want to test your limits.
A counteroffer signals that you’re willing to negotiate. One strategy for your counteroffer is to lower your price,
but remove any concessions such as seller assistance with closing costs, or features such as kitchen appliances
that you’d like to take with you.
Consider the terms
Price is paramount for most buyers and sellers, but it’s not the only deal point. A low purchase offer might make
sense if the contingencies are reasonable, the closing date meets your needs, and the buyer is preapproved for a
mortgage. Consider what terms you might change in a counteroffer to make the deal work.
Review your comps
Ask your REALTOR® whether any homes that are comparable to yours (known as “comps”) have been sold or
put on the market since your home was listed for sale. If those new comps are at lower prices, you might have to
lower your price to match them if you want to sell.
Consider the buyer’s comps
Buyers sometimes attach comps to a low offer to try to convince the seller to accept a lower purchase offer. Take a
look at those comps. Are the homes similar to yours? If so, your asking price might be unrealistic. If not, you
might want to include in your counteroffer information about those homes and your own comps that justify
your asking price.
If the buyers don’t include comps to justify their low purchase offer, have your real estate agent ask the buyers’
agent for those comps.
Get the agents together
If the purchase offer is too low to counter, but you don’t have a better option, ask your real estate agent to call
the buyer’s agent and try to narrow the price gap so that a counteroffer would make sense. Also, ask your real
estate agent whether the buyer (or buyer’s agent) has a reputation for lowball purchase offers. If that’s the case,
you might feel freer to reject the offer.
Don’t signal desperation
Buyers are sensitive to signs that a seller may be receptive to a low purchase offer. If your home is vacant or your
home’s listing describes you as a “motivated” seller, you’re signaling you’re open to a low offer.
If you can remedy the situation, maybe by renting furniture or asking your agent not to mention in your home
listing that you’re motivated, the next purchase offer you get might be more to your liking.
negotiation could turn that low purchase offer into a sale.
You just received a purchase offer from someone who wants to buy your home. You’re excited and relieved, until
you realize the purchase offer is much lower than your asking price. How should you respond? Set aside your
emotions, focus on the facts, and prepare a counteroffer that keeps the buyers involved in the deal.
Check your emotions
A purchase offer, even a very low one, means someone wants to purchase your home. Unless the offer is
laughably low, it deserves a cordial response, whether that’s a counteroffer or an outright rejection. Remain calm
and discuss with your real estate agent the many ways you can respond to a lowball purchase offer.
Counter the purchase offer
Unless you’ve received multiple purchase offers, the best response is to counter the low offer with a price and
terms you’re willing to accept. Some buyers make a low offer because they think that’s customary, they’re afraid
they’ll overpay, or they want to test your limits.
A counteroffer signals that you’re willing to negotiate. One strategy for your counteroffer is to lower your price,
but remove any concessions such as seller assistance with closing costs, or features such as kitchen appliances
that you’d like to take with you.
Consider the terms
Price is paramount for most buyers and sellers, but it’s not the only deal point. A low purchase offer might make
sense if the contingencies are reasonable, the closing date meets your needs, and the buyer is preapproved for a
mortgage. Consider what terms you might change in a counteroffer to make the deal work.
Review your comps
Ask your REALTOR® whether any homes that are comparable to yours (known as “comps”) have been sold or
put on the market since your home was listed for sale. If those new comps are at lower prices, you might have to
lower your price to match them if you want to sell.
Consider the buyer’s comps
Buyers sometimes attach comps to a low offer to try to convince the seller to accept a lower purchase offer. Take a
look at those comps. Are the homes similar to yours? If so, your asking price might be unrealistic. If not, you
might want to include in your counteroffer information about those homes and your own comps that justify
your asking price.
If the buyers don’t include comps to justify their low purchase offer, have your real estate agent ask the buyers’
agent for those comps.
Get the agents together
If the purchase offer is too low to counter, but you don’t have a better option, ask your real estate agent to call
the buyer’s agent and try to narrow the price gap so that a counteroffer would make sense. Also, ask your real
estate agent whether the buyer (or buyer’s agent) has a reputation for lowball purchase offers. If that’s the case,
you might feel freer to reject the offer.
Don’t signal desperation
Buyers are sensitive to signs that a seller may be receptive to a low purchase offer. If your home is vacant or your
home’s listing describes you as a “motivated” seller, you’re signaling you’re open to a low offer.
If you can remedy the situation, maybe by renting furniture or asking your agent not to mention in your home
listing that you’re motivated, the next purchase offer you get might be more to your liking.
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Miami Beach - South Beach - Sunny Isles Beach .
Rental- Annual, Seasonal, Short Term (no less then 3 months). To start viewing open this link - Rental - Aventura -
Bal Harbour - Golden Beach - Hallandale - Hollywood - Miami Beach - South Beach - Sunny Isles Beach.
For all your your Real Estate Needs Buying or Selling.
Fast Service Guaranteed DavidZur@bellsouth.net or Call 786-683-2444.