Should I entertain low-ball offers on my home?

Question

Have 6 months to move. Our house went on market 5 days ago, priced $15K below comps--homes are selling within 4-5 months at 15K more than we are asking with two homes closed in the past month, so there is activity here. Had deck rebuilt 2 wks ago, landscaper hired so yard looks fabulous. House painted inside, house made no-maintenance outside with lifetime warranty on all materials. Had house inspected and everything brought up to code, all new appliances in kitchen. A buyer came to see our house twice today, and their agent called ours to say there will be an offer tomorrow, BUT we it will be a very lowball offer, with a 2 week closing, and asking for full closing costs as well. Reason given was that buyer's parents told her to lowball because she could get it for "nothing" in this market. We are willing to go down another $5K ($20K under comps), but no more, and we would need to close in 30 days so we could find our new home in another state. Should we just counter with this info?

Answer 1

You can always try to counter to see if they will get where you want them to be...it never hurts to try. If they don't agree to the terms you want then tell them no way and hope someone else comes along. You might not tell them you need a quick closing, you should ask your agent for advice on it. Good Luck

Answer 2

absolutely. But run it through your agent. They may decide to slow the process a little to get you the most money if they think they can get more out of the buyer. Remember that your agent makes the most money if they get the most for your house, but use your better judgement on the price. The more desperate you are to sell, the more it is in the buyers court. Be patient and the first offer is rarely the most they will go. try to meet in the middle if at all possible. Remember, if the market is tough on you as a seller, it will be good on you as a buyer. Good luck, be patient.

Answer 3

your specific facts about actual sales in the neighborhood should trump your visitor's parents with their general idea of how the market 'is'.

so, counter with what you want, get your agent to explain exactly why, and let her walk away (if she does). THEN,


if you aren't sold within the month, then have your agent call the prospect and dangle the same offer in front of her -- maybe by then she'll have discovered that her parents' comment isn't holding water.

btw, you didn't tell us if 15k under the market is 10% of the price or 1% of the price -- it makes a difference, you know.


:-)

Answer 4

your last sentence answered this..
stick to it...............
if this offer doesn't work, the buyer could lose the house to the next offer...
when you go into a "multiple offer" situation ..you can get over what your asking very easily..
so tell your agent to call..all the people that left cards and your having a presentation of offer in 24 hours..
and see what happens..you may see more offers..and get into a very good situation..
if this buyer (present one ), is interested and knows they are in a possible "multiple situation" they may come up..

good luck

Answer 5

Don't waste any time thinking about an offer that you have not received. It may never come.