Jason, Home Seller in Mukwonago, WI

I recently received an offer on my home for 25k lower than asking price.

Asked by Jason, Mukwonago, WI Mon May 18, 2009

My wife and I listed through a limited service Realtor, so we do the showings and negotiating. We felt we fairly listed (under 200k) our house compared to the market, but my wife is fearful that we wont receive another offer. I intend to counter-offer and begin negotiations. The question I have is this what the market prices are going for in Mukwonago, or is this buyer just trying to low ball me into accepting an offer much lower than home value?

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I'm very much a "offer what the house is worth, not what they're asking" kind of guy, the buyer may be taking into account a declining trend in the area and is offering close to what he thinks the property may end up being worth once the current troubles end to avoid being underwater at the start. Conversely, you may be right and he may be trying to get a good deal (what you call low balling).

Whether or not you counter-offer is entirely up to you. But I think more depends on your position than in what you think the house is worth. How long has the house been on the market? How many offers have you gotten? How long can you keep the house on the market without losing 50% of 25K? If you're in a good position, definitely counter-offer and keep the negotiations going. Personally, I plan on putting in my best offer at what I think the house is worth at the outset, and walk away from counter-offers, but other buyers vary.
0 votes Thank Flag Link Wed May 20, 2009
Hi Jason,

Mukwonago had been slower until the last few weeks. I am not familiar with your particular house, but I live in Mukwonago and know the market pretty well. Unless your house is totally run down, I have to assume that your price is pretty fair.

Right now many buyers reacting to the news reports are throwing out very low offers to see what sticks. Counter the buyer, show a little movement to show a willingness to work with them, but don't give up everything. One major rule in negotiating is never let the deal die in your hands. If you can't accept their terms, then always counter and never reject, it will keep them in the deal. Even if you keep countering at the same terms you had previously offered.

I wish you luck!

Web Reference: http://www.JeffGramins.com
0 votes Thank Flag Link Mon May 18, 2009
I would have your Realtor check into this for you. Even though they are limited service they are still a Realtor and should know the local market.
Good Luck!

Lana Stollenwerk
Web Reference: http://WausauAreaHomes.com
0 votes Thank Flag Link Mon May 18, 2009
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