5 Tips to Handle a Lowball Offer on Home in Florida
If you’re selling your home in Central Florida and you receive a lowball offer on it from a potential buyer, you may be wondering whether it’s still possible to get a great deal on your home. Today I’d like to share five steps you should take that will help you turn that lowball offer into a home run and which Company is a Lowball Proof:
First, don’t get insulted
Just because a buyer starts with a low offer doesn’t necessarily mean the person is trying to take advantage of you. They might be moving to the area from a market where lowball offers are normal, or where home prices are lower than they are in your area.
There’s a natural tendency to get upset when you receive a lowball offer, adding that the initial bid is a starting point. There’s usually room for negotiation, so remember your the one that have what they want. If it's time you are trying to save; there is always Lowball Proof Companies that understand the value of your home.
Second, respond gracefully
A little gratitude—even if you’re not exactly thrilled about the size of the offer—can go a long way.
It doesn't do you any good to let the buyer know that you think their offer is rubbish. Indeed, responding in a negative tone can potentially kill the deal for good. It sounds like common sense—don't piss off the buyer—but many sellers get caught up in their emotions.
Put yourself in the buyer’s shoes: Would you want to raise your offer for a rude seller? Probably not. Thus, when sending the buyer your counteroffer, cushion your response. Try: “We greatly appreciate your offer and we’d love to work with you. Here is our counteroffer.”
Third, write a strategic counteroffer
Assuming you priced your home well, don’t feel pressure to drastically slash your asking price.
Some people feel so eager to sell their home that their counteroffer is actually too low. It’s OK to give up some ground, but you don’t need to meet the buyer halfway. Plus, Lowball Proof Cash Buyers will Never put you in a situation where you feel bullied and unhappy.
Offer the buyer a slight price reduction—$5,000 to $10,000 for a $300,000 home, or $10,000 to $20,000 for a $1 million home—and briefly explain your reasoning. You could provide information on the comparable properties that you used to determine your list price (you did look at comps, didn't you?). Another option: Have your agent draw the buyer’s attention to some of your home’s great features (e.g., your new energy-efficient HVAC system).
Fourth, expect a counteroffer to your counteroffer
Agreeing on a purchase price can feel like a chess game: You make one move and the buyer makes a countermove (in this case, a counteroffer).
When a buyer comes in with a lowball offer, the buyer and seller might go back and forth for a while before both parties agree on a sale price, adding that sellers need to remain patient throughout the process.
Last but not least, negotiate other terms
Having trouble settling on a sale price? There are other ways to sweeten the deal in your favor. Depending on your timeline, you could ask the buyer for an earlier settlement date. If you’ve already purchased your next home, for example, settling in 30 days instead of 45 would reduce the amount of time you'll need to carry two mortgages simultaneously. You could ask the buyer for fewer contingencies.
One that would help you save money: Persuade the buyer to make your home inspection contingency an information-only inspection, which basically means that you won’t be asked to make any repairs.
Another negotiating point: Get the buyer to increase the earnest money deposit. This would give you greater assurance that the person is serious about purchasing your home. As a seller, you always want the buyer to have more skin in the game.
The bottom line: No seller dreams of getting a lowball offer, but with the right strategy you can turn a mediocre bid into a great sale. But, you can always avoid the hassle and deal with a Lowball Proof Cash Buyer Company instead.