Your home is on the market... just a couple of days.... you have reviewed comparables with your Realtor and have priced your home to sell. You have staged your home and it looks fabulous! You've had showings and one has produced an offer! But wait! The offer is low... real low.... what do you do?
Your initial thought is, no way! .. an insult some may say.
I say.... yes, maybe way too low, but definately not an insult. Why?... because this Buyer loves your home or would not be making an offer.... They are just doing what they think is the "right" thing to do in this market.
So, how will you respond? You can do one of three things.... Accept, Reject, or Counter Offer.
We already know that you are not going to accept.... so, should you reject or counter offer?
Let's think about that....
Try and take the emotion out of it.....
Re-evaluate the comps....see how your home is positioned in the market today. Has anything changed? What's the actual feedback been on your home? Are the financing options still the same?
Based on this information, with your Realtor develop a plan that will get the Buyer up as far as he will go..
Counter offer a bit... either on price or terms... but leave the door open, just slightly, so that they will feel comfortable in making an advance. A reasonable Buyer will be looking at those same comps that you did and evaluating the market with his Realtor in the same way you did.
By keeping emotions in check (not easy, by the way).... reviewing and evaluating facts.... you may be able to come to that "meeting of the minds" even if their initial offer is so very low!
About the author... Carol-Ann Palmieri, a full time Real Estate professional in Massachusetts for the past 24 years along with Al Mussi has helped hundreds of families find, sell or purchase new places to live.
Al and Cal's primary areas of service Franklin, Bellingham, Medway, Millis, Medfield, Norfolk, Wrentham, Plainville, Blackstone, Walpole, Milford, Holliston, Hopkinton, Mansfield, and Foxboro, North Attleboro, Hopedale, Mendon, Millville
Search for Homes (to get up to date MLS listings)