Published June 18, 2024
Home Sellers’ Guide To Handling Lowball Offers
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Are you wondering how to respond to lowball offers on your home? Most sellers want to ignore them completely—and who can blame you? With the money, time, and effort you’ve invested in your property, a lowball offer sounds far from pleasant. But did you know that a lowball offer, when negotiated, can be the deal that you’ve been waiting for? Ignoring lowball offers can cause you to miss out on a good opportunity; that’s why I’m here today to share with you four ways that you can deal with lowball offers effectively:
1. Express gratitude. No matter how low the offer is or what the terms look like, always thank the person or agent who submitted the offer. It took time to prepare and send it, so showing appreciation is important.
2. Identify the buyer. Determine who the buyer is. Is it an investor looking to flip your property for a profit? If so, that might explain the low offer. If it's a homebuyer, try to gain insight into why their offer is so low. Are they planning to occupy the home, flip it, or rent it? Understanding their intentions can provide valuable context.
"Rejecting lowball offers outright will increase your chances of missing out on a good opportunity."
3. Understand why they made a low offer. Consider why they made that offer. Ask them how they came up with their offer price. Do they have facts, figures, market analysis, or comparable sales that influenced their decision? Encouraging them to explain their reasoning can help you understand their perspective.
4. Counter the offer. Always counteroffer, even if the initial offer seems very low and you feel like you’re too far apart. Avoid outright rejecting the offer. Instead, submit a counteroffer that you think is reasonable, even if it’s the lowest number you might consider. This approach keeps the negotiation open and might lead to a deal with a prospective buyer you could otherwise turn away.
Selling a home takes a lot of work. If you’d like more information or professional assistance, I’m happy to discuss the strategies and plans we use when receiving multiple offers on our listings. Feel free to call or text me anytime at (813) 212-8300. I look forward to talking with you!
