Monica Manaigre

Serving Winnipeg & Surrounding Area

How to Deal with a Low-Ball Offer

If you take care to price your home correctly — that is, at a price that is in line with what similar properties in the area have sold for recently — then you have a good chance of selling it at or near your asking price.

That doesn’t mean you won’t get a low-ball offer. You might. So what do you do when that happens?

First, understand that the buyer may not necessarily be trying to steal away your home at a bargain-basement price. He might simply be mistaken about its true market value. Of course, he might also be coming in at a low price in the hopes he’ll get lucky.

You will never actually know the buyer’s motives. So it would be a mistake to get angry or dismiss the offer out-of-hand. That low-ball offer might end up being the beginning of a negotiation that results in you selling your home at a good price.

Your first step is to work with your REALTOR® to determine:

• How serious the buyer is.

• How qualified the buyer is. (For example, does he have a preapproved mortgage?)

• How amenable the buyer is to a counter-offer that reflects the true market value of your home.

• What that counter-offer should be.

This isn’t an easy process. It takes knowledge and experience to get it right. That’s why working with a good REALTOR® is essential.

Comments:
No comments

Post Your Comment:

The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are member’s of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.