Buyers will sometimes put in a low ball offer to test the waters. Here’s how to turn a test into a sale.
Focus on the goal: To sell
Forget being offended and work the offer to your advantage. Egos don’t close deals, but serious negotiations do. The buyers may be truly enamored with a home may be willing to raise their offers by a hefty amount. Never let a deal die.
Always return the ball to the buyer’s court
Convey that while you appreciate the offer, you’ll have to pass on it. That shifts the ball to the buyer’s court to come back with a better offer. If pressed, your agent can always tell the buyers that you’re confused by their far-under-list offer and would be more than willing to entertain a figure befitting the market.
Listen and be realistic
When assessing an offer, be sure to consider all of the buying party’s terms — such as when they’re willing to close, what repair credits they request and their financial wherewithal to perform. You may not be as far apart as you think.
Lingering on the market
Realize you may need to ratchet down expectations somewhat if your house has lingered on the block well past the local time-on-the-market average. 90 days + on the market make a listing seem stale. Pricing a home reasonably accurately from the get-go is still an industry best practice.