Home Buying in 23323>Question Details

Wybe De Vries, Both Buyer and Seller in Chesapeake, VA

how do I proceed when receiving a low ball offer for my home?

Asked by Wybe De Vries, Chesapeake, VA Thu Jul 24, 2014

5 bedroom house 2.5 bath listed for 267900, all appliances included and 1 yr home warranty, received a low ball offer of 250k where do I go from here....

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Answers

11
That is not a low ball offer at all. It is a good starting point. Half price is a low ball offer.
1 vote Thank Flag Link Thu Jul 24, 2014
6% below list price is not considered a 'LOW BALL' offer.

You need to decided if you want to sell your house.
Then you need to learn how to negotiate.
You have a real buyer.
Make it work.

Or hire someone who can.

Best of success,
Annette Lawrence, Broker/Associate
Remax
Palm Harbor, FL
727.420.4041
1 vote Thank Flag Link Thu Jul 24, 2014
The first thing I would do is calculate a net-out or net-sheet based on the offer. This will give you a bottom line figure you can work with. Sometimes a low offer includes the buyer paying costs so the net is better than a higher offer where the seller pays all the costs.

After you look at your net amount you will know whether to accept the offer or what kind of counter you wish to make.
1 vote Thank Flag Link Thu Jul 24, 2014
You can either counter-offer at a price that you feel is more appropriate or you can reject the offer altogether. There is usually some back-and-forth between buyers and sellers before a closing price is agreed upon.

Good luck to you!
1 vote Thank Flag Link Thu Jul 24, 2014
The couple that is interested stated that they want to settle as soon as possible, so when hearing that before the bid came in I took it as there would be little back and forth negotiation to avoid a long drawn out process, the low offer actually surprised me.
Flag Thu Jul 24, 2014
You should first know what the lowest you are willing to take below your listing price. Counter offer 50% or more between that number and your listing price. The buyer then will have a chance to counter back or accept.
1 vote Thank Flag Link Thu Jul 24, 2014
You are in the driver seat. This means you can either accept, reject, or counter any offer you get. That really isn't a major lowball offer in my opinion. I would try to negotiate.

Chris
0 votes Thank Flag Link Fri Aug 1, 2014
The key is this situation is keeping your motivation for selling in mind and staying calm. Selling your home is stressful (it's the biggest sale/purchase of your life), and you need to keep from taking things personally, even though it may be hard to do so. With any offer you can accept, refuse, or counter offer with different terms and conditions. These days buyers like to to start lower than listing price and see what they can get from there, it is what it is. If you really want to sell your house, calmly consider your response, and if you are unhappy with the offer, come back with a counter offer and see if you can make something work.
0 votes Thank Flag Link Fri Aug 1, 2014
Yes this is a lower than you would like offer, however you can counter back to try to bring the buyers up some in price. If you would like some assistance please feel free to contact me at anytime. Yvonne Hagaman with Rose & Womble Realty. (757) 602-0398
0 votes Thank Flag Link Fri Aug 1, 2014
Wybe,

It sounds like this offer is workable. There are alot of factors though that would determine the answer to your question. If you would like my help, I would be happy to speak with you to get more info so I could give you the best, informed answer possible. Just let me know.

Lisa Arnold
Rose and Womble Realty
757-560-9836 Cell
0 votes Thank Flag Link Thu Jul 24, 2014
Wybe,
You have several options, which one is best for your specific situation should be decided with an experienced local agent who is a great negotiator. You can respond, "no thank you, come back with a more serious offer and we'll consider it". You can review the market and if you come to the conclusion you are over priced, accept. You can counter.
A counter offer should be based on an updated analysis of the current inventory, Active, Pending and Sold with an eye to the average days on the market, your time on the market and your level of motivation and any assessment you can make of the buyers motivation. If the buyer has an agent, a review of their history representing buyers never hurts either.
There are so many other issues to take into consideration to come up with the right strategy that I could fill pages and probably not relay enough information for you to use effectively. This is where a great agent comes in and is worth more than whatever commission you offer.
Best of luck and let us know how it turns out.
0 votes Thank Flag Link Thu Jul 24, 2014
The first thing I would ask is "how many offer have your received on your home?" and "how long has your home been for sale?"

If you have not received any offers you may want to take this offer or counter offer.

I would assume you are doing a "For Sale By Owner"? If this is the case, you are probably going to get alot of lower offers as buyers (most likely investors) know you are not paying any commissions and will look for you to pass that savings along to them.

Sounds like you have a lot of questions and have some uncertainty......Hire a Realtor ASAP if you have not done so, and let them guide you through the process.
0 votes Thank Flag Link Thu Jul 24, 2014
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