Selling a home in Queens can be a stressful and emotional process, especially when potential buyers make low ball offers. A low ball offer is an offer significantly lower than the asking price, which can be frustrating for homeowners who are looking to sell their property at a fair price. However, it is important for homeowners to know how to respond to these offers in a professional and effective manner. In this blog post, we’ll discuss some tips on how a Queens homeowner who is selling their home should respond to low ball offers.
1) Don’t take it personally The first thing to remember when receiving a low ball offer is not to take it personally. It’s important to understand that the buyer is trying to negotiate the best possible deal, just as you the homeowner are trying to sell your property for the highest possible price. Keep in mind that it is not a reflection of your home’s worth or your abilities as a seller. This is a business transaction so the best thing you can do is put yourself in the other parties’ shoes, and then negotiate as best as you can towards a win-win agreement.
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2) Respond in a professional manner When responding to a low ball offer, it’s important to remain professional and courteous. Avoid responding with anger or frustration, as this can create tension between the buyer and the seller, which may ultimately lead to a breakdown in negotiations. Instead, respond politely and calmly, thanking the buyer for their offer and expressing your desire to continue negotiations. You never know how high a buyer is willing to come up, we’ve had several instances where a buyer comes in low at first and then ends up having the highest offer.
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3) Provide a counteroffer One effective way to respond to a low ball offer is to provide a counteroffer. This shows the buyer that you are willing to negotiate and that you are interested in reaching a mutually beneficial agreement. Consider offering a price that is still lower than your original asking price but is closer to what you would be willing to accept. Something else you can do, if the offer is way below your acceptable selling price, is just give them a bottom line counter offer. This avoids the back and forth and lets you know right away if they are serious. If you go this route, just make sure that your agent relays the counter offer as a bottom line counter offer. If they aren’t willing to come up to that price, you can politely reject the offer and keep it as a back up.
4) Be willing to compromise Negotiations require compromise from both parties. While it is important to stand firm on your home’s value, it is also important to be willing to compromise on other aspects of the sale, such as the closing date, repairs or upgrades, or other concessions. By showing flexibility, you may be able to reach an agreement that is satisfactory for both parties. Again, the key here is to keep your emotions out of it, try to understand where the buyer is coming from, and work towards a win-win agreement. The key word here is “win-win”. As long as the seller and buyer are willing to work towards a win-win, you should be able to come to an agreement.
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5) Seek advice from your real estate agent Finally, if you’re unsure how to respond to a low ball offer, seek advice from your real estate agent. They can provide you with valuable insights into the local housing market, the buyer’s history, and how to handle negotiations. Remember that your agent is there to support you throughout the Queens selling process and can offer guidance on how to respond to low ball offers effectively. Remember, we do this every day so we’ve learned several different tactics and strategies that can help get buyers to come up and ultimately bring both parties to an agreement.
Receiving a low ball offer can be frustrating for homeowners who are selling their property. However, by remaining professional, providing a counteroffer, being willing to compromise, and seeking advice from your agent, you can effectively navigate negotiations and reach a satisfactory win-win agreement with the buyer 🙂