Getting an offer on your home is very exciting. Then you open the offer and realize it’s not what you were expecting and you are wondering what to do next. Answering an offer which is not acceptable is a matter of strategy. Here are a few of the strategies used by successful listing agents to handle a low offer.
The most common way to respond to a low offer is to send the buyers a counter offer. You can counter at the list price and terms or come down and offer something in between list price and the offer.
Highest and Best
This strategy allows the buyer to revise their offer, should they choose. This is most often used in a multiple offer situation, but works just as well with a single buyer who needs to know their offer isn’t acceptable.
Include Terms in Negotiation
The price is not the only part of an offer which can be negotiated; the terms can also be changed. Sometimes a seller can get a higher price by offering longer escrow or adding furniture.
Reject the Offer
There is no reason to respond to an offer which isn’t even close to acceptable. A seller can reject the offer completely.
Offers are exciting; consider the options available for counter offers and ensure you negotiate a good deal for your home.