Got a Low Ball Offers on your home?
Are we in the spring market or spring market is around the corner? Lots of seller's are hoping market will pick up and they can sell for more. For buyers its a great time to buy as there is lot more inventory than in the winter. Mortgage rates are still low. Being a buyers market they are getting lot more sellers including seller's paid closing cost. My seller's always make a statement: I don't just want to give my home away.
We all have emotional attachment to our home. We have memories we cheerish. When we get a low ball offer lot of sellers get mad, offended, panic, loose sleep. As a Realtor I tell my clients ahead of time when the time comes we get an offer don't be surprised with low ball offer. Remember, it's now a negotiation game and the buyer IS serious or he or she would not have made an offer.
Several things have happened before this offer came in. The buyer, with his agent, has researched the market, walked through as many as 30 or 50 properties, conducted a study on the value of the property and written an offer for your house. Remember, you just won the lottery. They could have written on any other house, but they selected yours. So let's get busy.
First of all, do an analysis of your own goals and needs. How much do you really need to come out of this house to meet your goals of moving to your next home? What could you really live with and what amount are you going to counter. Remember this last point -- what are you going to counter? This is assuming that you're not rolling over and that you're going to stay in the game.
Support your number with the market comps. If we let go this buyer we don't know when the next buyer will come through the door and make an offer. Will the offer be better or worst. Always try to work the best what we have on hand.
Be patient with the process. Don't get upset, remember, they're trying to meet goals just like you are. By working together, both can get what they want.