When you sell your home, you must be mentally prepared to deal with all types of offers, including “low-ball” offers. It seems like most buyers nowadays want to steal a home. Besides offering too low, they tend to forget that it’s a very emotional decision for the seller to sell their home and do not care how insulting their offers can be. So many memories and so much money have been put into the house over the years, often making this the biggest financial decision a person makes. So how do you deal with a low-ball offer? It’s simple – you don’t. It’s time that you, as a seller, take back control.
First off, make sure you price it right from the start so you have a leg to stand on when turning down the low offers! Buyers tend to try and provide any kind of proof they can to justify an insulting bid. Usually these comps are not even comps at all. They rarely compare apples to apples and are typically way off base. Some will even compare it to the county’s assessed value! Most homeowners want the assessed value as low as possible since it keeps their tax base lower. So how could that possibly be an accurate assessment of true market value? It isn’t – don’t be fooled.
Buyers will sometimes say, “This is all that it is worth” or “Take it or leave it.” Don’t fall for that trap – the majority of time, this is pure negotiation tactic. You need to control the transaction and just say no! If your home is priced right, then you can expect other, higher offers.
Often times, the buyer will be expecting a counter, thinking that this is where they have the seller. They think by offering so low, eventually they will get the seller down to their price. You need to fire back to them, “Thanks for the offer, but you’ll have to do better.” The key here is to get the buyer to negotiate against themselves. Get them to raise their price right off the bat. Then you can get them into a position in which you have a workable position to accept an offer.
Remember, they wouldn’t have taken the time to prepare an offer if they weren’t truly interested in your property. Don’t be bullied and you just may be surprised how favorably your transaction unfolds. In reality, if buyers would take the time to realize the needs and wants of the seller, getting more emotionally involved with them, it would get them much further.
Need help selling, buying, or with Property Management? Gulf Pointe Properties is glad to help: 239.825.2234, Gabe@GulfPointeProperties.com, www.GulfPointeProperties.com, and www.facebook.com/absyncrealty Gabe Mellein is the broker of Gulf Pointe Properties, He is a member of The Naples Area Board of Realtors, Bonita Springs – Estero Association of Realtors, Realtor Association of Greater Fort Myers and the Beach, The Florida Association of Realtors, The National Association of Realtors, and is nationally certified in Feng Shui for Real Estate.