It is a seller's market and today's buyers know they are in the driver's seat. Low ball offers are common during these times.
People receiving offers should treat them seriously by engaging the potential buyer with some sort of counter that will hopefully catch their eye. Offer a home warranty, pay a portion of the closing expense, but counter with something before they move on to the next home and make another offer.
You have a buyer, low ball or not.......it's up to you weather or not you pass of work with them. Our recommendation is to work with them.
Now for an update: the "low-ball" phone call came on Friday. A second party viewed my home on Saturday. Both the "low-baller" and the other party made offers that were presented to me on Sunday. The Saturday people offered full list, less 4% in closing costs to be paid by me (which was something huge like $4500). The "low-baller" must have gotten a talking-to from his agent, his offer came at only $900 below list, with seller to pay only $1500 toward closing costs, which ended up being a better offer by far. He also wanted a much quicker close, which is totally ideal for me who is in a two mortgage situation.
So again, thanks for the feedback, and we are officially under contract, sale pending, with hopes for a quick closing on or before December 6!!!
Congrats on getting an offer. There is an old adage in real estate - "Your first offer is often your best." I would do everything that you can to bring them back to the table. Your showing today means nothing - I am sure you have had plenty of them over the past 5 months, but this was your first offer.
At the very least run back to them and make them a counteroffer. You risk far too much playing hardball given your situation with the two homes. You are a motivated seller and an offer is the best thing for you right now. This is your opportunity to wash your hands of the place, learn from your mistakes and move on.
Michael Doyle Realtor