You should put a lot of thought into every offer you get. Before ignoring or refusing a low purchase offer, counteroffer and negotiate. It could turn that low purchase offer into a sale.

Your best response is to counter with a price that you're willing to accept. Obviously, the person making the offer wants to buy your home. Set aside your emotions and focus on the fact. Counter with an offer that keeps the buyer involved.

Control your emotions

Unless the offer is ridiculously low, it deserves a response even if that response is an outright rejection.

 

Counter the purchase offer

You should already be thinking about the the lowest possible price that you're willing to sell your home for. How far off is the offer? Unless you've received multiple purchase offers, the best response is to counter the low offer with a price and terms you're willing to accept. Some buyers make a low offer because they think that's customary, they're afraid they'll overpay, or they want to test your limits. 

Sending the signal that you're willing to negotiate is a good thing in these situations. If you decide to counter with a lower price, remove other concessions such as closing costs, appliances, or other upgrades to the home that you may have promised.

Review your comps

Ask your Realtor if any homes comparable to yours been sold or put on the market since your home was originally listed for sale. If those new comps are at lower prices, you might have to lower your price to match them if you want to sell.

Consider the buyer's comps

Buyers sometimes attach comps to a low offer to try to convince the seller to accept a lower purchase offer. Take a look at those comps. Are the homes similar to yours? If so, your asking price might be unrealistic. If not, you might want to include in your counteroffer information about those homes and your own comps that justify your asking price.

If the buyers don't include comps to justify their low purchase offer, have your real estate agent ask the buyers' agent for those comps.

Get the agents together

If the purchase offer is too low to counter, but you don't have a better option, ask your Realtor to call the buyer's agent and try to narrow the price gap so that a counteroffer would make sense. Also, ask your Realtor if the buyer (or buyer's agent) has a reputation for lowball purchase offers. If that's the case, you might feel freer to reject the offer.

Don't signal desperation

Buyers are sensitive to signs that a seller may be receptive to a low purchase offer. If your home is vacant or your home's listing describes you as a "motivated" seller, you're signaling you're open to a low offer. 

If you can remedy the situation, maybe by renting furniture or asking your agent not to mention in your home listing that you're motivated, the next purchase offer you get might be more to your liking.

Get experience on your side and contact The Schnoor Team Today!