If you have your home on the market, you may have received a “too low” offer where it didn’t even seem worth responding with a counteroffer. Let’s say, for example, you’re asking $250,000 for your home and you receive an offer of $200,000…. Yikes! Unfortunately, this scenario isn’t terribly uncommon.
Some buyers will deliberately submit “lowball” offers, in the hopes that a motivated seller will consider a lower number in exchange for better terms such as a fast settlement or a cash deal. These offers are also more common with investors, who frequently submit offers to multiple properties at a time in the hopes that one “sticks.” You may also be more likely to receive a low offer when your home has been on the market for an extended period of time (perhaps 6 months or more).
So what should you do? Generally speaking, it’s almost always worth providing a counteroffer. (One major exception is if your home just recently hit the market, and you’ve had other activity on your home.)
Unfortunately, we often find that our selling clients may become offended and refuse to provide a counteroffer on the basis of a “rude” offer.
While we understand this frustration, it’s worth noting that we’ve seen some buyers change their terms dramatically after a round or two of negotiations. As agents, we frequently find the buying and selling parties come to mutually satisfying terms, even after a “too low” initial offer.
And of course, it’s also possible that the offer seems too low because the asking price on your home is a bit too high. Be sure to frequently review the comparable properties for sale in the area, and consider your EveryHome agent’s opinion on the price. Any questions or feedback? Just give us a call at (215) 699-5555!