We got an offer of 96,000. It's listed at 106,000. What's a good counter offer?

Asked by Elvis50, Lincoln, NE Wed Aug 22, 2012

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Bill Rose’s answer
Bill Rose, , Lincoln, NE
Wed Sep 11, 2013
Hi Elvis,
I am sure you have either countered or have accepted an offer by now. I am going to respond to your question anyway.There 2 main factors involved in a counter.
#1 is what is your property really worth in today's market. Have you had a comparison of similar recently sold properties done by your agent or have your had a professional appraise your property?
#2 What amount you are willing to accept to sell your property for?
Some offers are just preliminary probes to see if they can get a steal and some like your property very much and are willing to buy it. You agent should be able to give you an idea of what kind of offer it is and you should counter accordingly.
Bill Rose
LincolnFirst Realty
0 votes
I like Bill's comments and would add. I like to do comparisons on a $$ per sq.ft. Then compare the soft pluss and minus such aas a corner lot, locations, age of the house and the kitchen and bathrooms.
Flag Sat Nov 16, 2013
Tim Moore, Agent, Kitty Hawk, NC
Wed Aug 22, 2012
Your agent should be helping you out since they know your market area and we don't. A good ball park counter would be $103,000 since they came in 10% lower than list.
1 vote
Annette Law…, Agent, Palm Harbor, FL
Wed Aug 22, 2012
A good counter would be "YOU'VE GOT A DEAL!"
Of course you are aware there are many factors to consider. If you have six other offers in hand at list price, the counter you would make could be different.
If your home has been on the market for six months and this one and only buyer or looker has made an offer, you may have a different perspective.
Finally, if you know the home will not appraise for $106,00 and will appraise at $96,000 or what ever the financed amount is (see the %financed on the offer) your response may be modified for this eventual issue. Depending on the lender it is possible the appraisal will ALWAYS be below the negotiated price. This is such a 'fixed' process that some banks negotiating short sales require the buyer to waive any 'appraisal' contingency and able to pay in cash the difference between financed and accepted offer.
With so many easily recognized variables, a simple response my not be the most beneficial to you. That's why your hired a pro. Your agent will establish the best strategy to optimize the price and prepare for the likely complications to come.

Best of success in the sale of your home,

Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
727. 420. 4041
0 votes
Ron Thomas, Agent, Fresno, CA
Wed Aug 22, 2012
Understand that the LISTING PRICE has one primary objective, to attract attention: It is not intended to be set in stone, and in many cases it is not even a good guideline toward the SELLING PRICE.

Some Sellers believe that by setting the LISTING PRICE high, they can always come down, and people will make an offer anyway: WRONG! Buyers will just bypass the property and look at houses that are within their price range. And six months from now, the Seller will slowly start lowering the PRICE, (this is called “chasing the curve”) and Buyers will be asking the question; “What’s wrong with that house?” and “Why has it been on the Market so long?”

Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; “Aren’t you obligated to sell at this price if someone offers it?” The answer is probably not; for that to happen, you would first have to have only one offer, and secondly, the offer would have be exactly the same, down to the smallest detail, (please discuss this with your Realtor).
Another thought; Buyer will search for potential properties by groups; for example, $400,000 to $450,000, and $250,000 to $300,000. If your house is priced at $460,000 or $310,000, the Buyers will never see it. (something else to discuss with your Agent.)

Different Banks have different philosophies about pricing their properties: You cannot draw any conclusions without a good analysis.

Have your Realtor do a CMA, (Comparative Market Analysis) to help you determine your Offering Price. It is the surest way to determine the Market Value of the property.
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