When you’re selling your home, the selling price is likely your top priority. However, if offers come in and don’t align with your asking price, it’s natural to feel offended. Then, it’s time to counter creatively or to walk away. If you’re faced with navigating a low offer on your home, read on for how to turn the situation into a positive.
Don’t take it personal
When you receive an offer under your asking price, it’s easy to take it personally. However, the buyer isn’t likely trying to offend you but to purchase a house that aligns with their own financial goals. They could also live in a market where similar homes are at a lower price point, or they could have received miscalculated guidance from their real estate agent. However, remember that you have the upper hand since you’re the seller. Instead of rejecting the offer entirely, you can entertain the option of negotiating the price and other factors.
Regain control
After you receive a low offer, take some time to process it, and then work with your real estate agent to create a competitive and creative counteroffer. Even if the buyer’s lowball offer offended you, staying gracious and polite can go far in a buyer meeting your offer.
Creatively counter
Just because you are making a counteroffer on a low offer doesn’t mean you need to reduce your price or even meet the buyer halfway drastically. In your offer, you can explain the reasoning for your price based on the comparable home data that you used to set the list price. You can also include intangible factors in your counteroffer, such as accommodating their closing date or desired move-out timeline. Or, if you can’t move out of your house until a specific date, you can offer to pay for a buyer’s rent-back scenario. Another tactic is to come down with your price, but negotiate that you won’t pay for any repairs due to the inspection.
Know when to walk away
If you’ve negotiated to the extent you’re comfortable with and the buyer continues to counter well below the asking price, it may be time for you to walk away. Especially in a seller’s market, if a buyer keeps making lowball offers, it may be a sign the buyer will be difficult to work with as the deal progresses. If the buyer doesn’t initially see the value in the home, they may come back with unreasonable concessions, repairs, and timeline requests as the closing process unfolds. Before you walk away from an offer, discuss a plan to move forward with your real estate agent. If your agent is confident that another buyer will be ready to make an offer, walking away may be a better scenario for you.
Whether you’re selling your home of 30 years or a property you’ve owned for only a few years, parting with a house can be emotional. Remaining level-headed and bringing creativity and graciousness to your negotiating tactics can often result in both parties being happy.
