Brent Anderson | Associate Broker

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How to Deal with a Low-Ball Offer

 

If you take care to price your home correctly — that is, at a price that is in

line with what similar properties in the area have sold for recently — then

you have a good chance of selling it at or near your asking price.

That doesn’t mean you won’t get a low-ball offer. You might. So what do you

do when that happens?

First, understand that the buyer may not necessarily be trying to steal away

your home at a bargain-basement price. He might simply be mistaken about

its true market value. Of course, he might also be coming in at a low price in

the hopes he’ll get lucky.

You will never actually know the buyer’s motives. So it would be a mistake

to get angry or dismiss the offer out-of-hand. That low-ball offer might end

up being the beginning of a negotiation that results in you selling your home

at a good price.

Your first step is to work with your REALTOR® to determine:

• How serious the buyer is.

• How qualified the buyer is. (For example, does he have a preapproved

mortgage?)

• How amenable the buyer is to a counter-offer that reflects the true

market value of your home.

• What that counter-offer should be.

This isn’t an easy process. It takes knowledge and experience to get it right.

That’s why working with a good REALTOR® is essential.

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Data is deemed reliable but is not guaranteed accurate by the REALTORSĀ® Association of Edmonton.