There are three ways to handle a situation in which a potential buyer pitches you a lowball offer for your home, and today I’ll walk you through them.
But before we get to them, the first rule of any offer is to respond always, either verbally or in writing—do not ignore any offer from any buyer, no matter the price. This is a home-selling must-do.
With that in mind, here are three ways to approach a lowball offer:
1. Test the market. If your home is listed for $225,000 and you’re given an offer for $190,000, it might be a good idea to test the market to see if you can’t get a better price than the $190,000—perhaps you could get $205,000 or $210,000 for it. Usually, when we drop the price, we’ll get a flood of multiple offers and bid them up to around $210,000.
2. Counter their offer, but stay close to your list price. This will show the buyer that you’re a tough negotiator and you’ll see how high they’re willing to go if they’re serious about the house.
3. Politely decline their offer. If their offer is so low that you can’t even entertain it, tell them that you appreciate their interest but you don’t think this property is right for them and that they should move onto something else. This way, you’ll see if the buyer is truly serious about purchasing your home or if they’re just trying to get a good deal.
If you’re looking to sell your home and you need a good negotiator on your side, please reach out to us. We’d be happy to show you what we do to list and sell your property for a great price.