You’ve been house hunting for the perfect piece of real estate. Your dream home keeps slipping through your fingers. Why? Low ball offers. You keep making them, your Realtor lets you, and sellers keep rejecting them. If you’re a seller, getting a lowball offer on your property can really be an insult, right? Maybe not. So whether giving or receiving a lowball offer, should it be a habit your Realtor allows?
What about your Realtor?
As a professional, a Realtor should be advising you, whether a buyer or seller, to do things that are in your best interest. They are there as a professional in YOUR corner. They should always act like a professional. So if you are selling your home, what should you do if you receive a lowball offer?
Low Ball Offers
First, keep in mind that your Realtor is ethically bound to bring every off that is made for your property to your attention. They can’t accept or reject an offer without your say so. So don’t get mad at them for bringing it to you. Next, think of a lowball offer as a starting point in negotiating a deal for your property. If your Realtor has any skills, they can negotiate it up to an acceptable level for you. So unless it is so low that it is ridiculous, don’t reject a low offer out of hand. Counter with one that is much closer to your asking price and see what happens.
Lowball offers can also be a sign that you might have overpriced your home, or that there may be items that if you fixed them, you’d get higher offers. Discuss this possibility with your Realtor as well, unless they already told you that, then take their advice and fix things!
Lowball offers can be a sign of a bad buyer, someone who isn’t working in good faith. Your realtor can be a good judge of whether this is the case or not.
Remember to take their professional advice, be competitive, do your homework and check list to sold prices on past sales. This will tell you if the offer is competitive or not. Mostly, rely on the professional Realtor you hired to help you.