Strategies for Countering Lowball Offers
The lowball offer can be one of the more infuriating experiences when selling your home, but that doesn’t mean you can’t turn lowball offers into happy closings. Here are some ways to deal with the lowball buyer for your home in Pennsylvania or wherever you are!
Your agent is required to bring you any and all offers made on your home, so once and a while you’ll receive what’s known as a “lowball” offer.
Lowball offers are buyer offers which far fall below your asking price. Sometimes they’re so low that they only serve to make you angry.
Don’t get angry! While selling your home is an emotional process, there are rational, effective strategies for dealing with the lowball offer.
Sometimes the lowball offer can even turn into the right price if you handle negotiations the right way.
Alternately, if you really are in a hurry to sell, counter with your rock-bottom offer.
This number may not be close to their lowball, but it could be substantially less than your listing price. This may make the lowball buyer suddenly reconsider their position, tempted by the opportunity to purchase the property at what they consider to be a “substantial discount.”
Make them show their homework. If they haven’t done it, you’ll know soon enough.
Of course sometimes a stream of lowball offers can indicate that the home is priced too high.
Occasionally, sellers are assured they can get the higher price, only to take a lower offer much later down the line. That is not a sound strategy.