how to counteroffer really lowball offer to purchase, cash offer from motivated buyer, in small rural town in true buyer's market?

Asked by Homeseller, Wisconsin Dells, WI Sat Sep 18, 2010

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Lorre Deppe, Agent, Lake Delton, WI
Mon Dec 17, 2012
I would suggest you do a counter offer and see where this takes you. In this "buyers market, everyone is looking for a deal and a lot of transactions are beginning very low. Go down a bit and see what they counter at if at all. This will tell you where they are heading and if they are serious.

I hope that helps in some way.

I wish you the best and work with an experienced realtor to assist you if possible

Lorre Deppe, Realtor
First Weber Group, Wisconsin
Wisconsin Dells/Lake Delton
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Jeanne Feeni…, Agent, Basking Ridge, NJ
Sun Sep 19, 2010
The buyer is testing you just as you are testing them by countering. The fact is this, what matters is where you end up, not where you begin. Now I do advice my buyers that the way a process starts certainly sets a tone, and so I am not a great fan of low balling. But I advice my sellers to respond to any and all offers that are real - so if this offer is in writing with verification of funds in hand or promised, then I suggest that you do respond by coming off your number a bit, that will put the ball back in the buyer's court and allow you to see what he'll do next.

Good luck. I just worked through several low ball offers and we responded to all of them. In fact we couldn't get them up to an acceptable point, but along the way, several offers came in that were reasonable and we negotiated one of them to an acceptable level and will soon close. That it the other truism in real estate, very often when one offer comes, others follow - like bugs attracted to light. So my recommendation is to work what you have and hopefully you will be able to get this guy in a more acceptable range or others will follow.

Good luck to you,
Jeanne Feenick
Unwavering Commitment to Service
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Desari Jabbar, Agent, Stone Mountain, GA
Sat Sep 18, 2010
As others have stated, you need to know the fair market value of your home. Once you have established that, you can then counter the buyer's offer. Of course, if you had an agent, it might make this entire transaction easier. I would also suggest that you get proof from the buyer that there are enough funds in their bank account to close.

Best of luck to you!
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Debby Thomps…, Agent, Wauwatosa, WI
Sat Sep 18, 2010
I am guessing you are not working with an agent? First of all you have to know what you are willing to take. You have to know what you are going to net out of the deal. I am sure you don't want the buyer to walk away but they might be seeing if they can steal your home. You also want to make sure they have the cash. You want to see proof of funds.
1. proof of funds
2. find out what you will net out. Wisconsin charges a trans fee tax when you sell
3. you will have to provide a buyer with a title. This is also cost.
3. Don't forget you will owe your property tax since Jan 1 2010.
4. You will have to pay for someone to close on the sale.
So take your time.

Homestead Realty INC
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Maria Morton, Agent, Kansas City, MO
Sat Sep 18, 2010
Is this an experienced investor or is this someone who wants to live in the home? Is the person able and willing to pay more? How many homes like yours are available nearby? What are they priced at? What have homes like yours sold for recently? What is the average days on market in your immediate vicinity? How much time do you have to respond?
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Anna M Brocco, Agent, Williston Park, NY
Sat Sep 18, 2010
What is your agent suggesting--and have you reviewed recently closed similar properties in the immediate area--if so what did the data suggest as to a fair price, and go from there--your agent can best advise.
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Linda S. Cef…, Agent, Franklin, WI
Sat Sep 18, 2010
Hi Homeseller,

If you haven't already done so, you need to have a market analysis done. How does your property compare to others in your neighborhood? The option is yours at this point. I have seen counter offers go back and forth many times before agreeing on a price. The negative is that you risk losing the buyer, but if they are truly interested in your property they will mostly work with you to come to an agreeable price.

Remember, your home is only worth what the buyers are willing to pay for it. It's hard for us as home owners to come to grips with the fact that our homes are not always worth to others what it is to us.

Get a market analysis and base your counter on fact not emotion.

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