Magnolia Realty's Auburn Area Real Estate Update: Another blog provided by Ellen Faurot, REALTOR | Fielding a Lowball Purchase Offer on Your Home

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Magnolia Realty's Auburn, Opelika & Lee County Real Estate Update Blog
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Wednesday, October 27, 2010

Another blog provided by Ellen Faurot, REALTOR | Fielding a Lowball Purchase Offer on Your Home

Published: June 10, 2010
Consider before you ignore or outright refuse a very low purchase offer for your home. A counteroffer and negotiation could turn that low purchase offer into a sale.

Check your emotions

A purchase offer, even a very low one, means someone wants to purchase your home. Unless the offer is laughably low, it deserves a cordial response, whether that’s a counteroffer or an outright rejection. Remain calm and discuss with your real estate agent the many ways you can respond to a lowball purchase offer.

Counter the purchase 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.

A counteroffer signals that you’re willing to negotiate. One strategy for your counteroffer is to lower your price, but remove any concessions such as seller assistance with closing costs, or features such as kitchen appliances that you’d like to take with you.

Consider the terms

Price is paramount for most buyers and sellers, but it’s not the only deal point. A low purchase offer might make sense if the contingencies are reasonable, the closing date meets your needs, and the buyer is preapproved for a mortgage. Consider what terms you might change in a counteroffer to make the deal work.

Review your comps

Ask your REALTOR® whether any homes that are comparable to yours (known as “comps”) have been sold or put on the market since your home was 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 real estate agent to call the buyer’s agent and try to narrow the price gap so that a counteroffer would make sense. Also, ask your real estate agent whether 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.

More from HouseLogic

6 Tips for Choosing the Best Purchase Offer for Your Home

6 Reasons to Reduce Your Home Price

Marcie Geffner is a freelance reporter who has been writing about real estate, homeownership and mortgages for 20 years. She owns a ranch-style house built in 1941 and updated in the 1990s, in Los Angeles.
“Visit Houselogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®."

http://www.houselogic.com/

# posted by Magnolia Realty @ 9:14 AM


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About Magnolia Realty' Auburn, Opelika, Auburn University & Lee County, AL Real Estate Website: The www.auburnalabamarealestatesupersite.com web site provides Auburn, Opelika, Auburn University, Beauregard, Cusseta, Dadeville, Ft. Mitchell, Lafayette, Lake Harding, Lanett, Lee County, Loachapoka, Notasulga, Roanoke, Smith Station, Tallassee, Tuskegee, Valley, Waverly, West Point, Phenix City, Dadeville, Alabama real estate information and resources to guide homeowners, homebuyers and real estate investors through the process of selling and buying a house, condo or other realty property in the Auburn, Opelika, Auburn University & Lee County area. Magnolia Realty sometimes spelled as Robert, Slocum, Bobby, and Slocumm. However no matter how you spell his name, he has services to help you get the best value for your Auburn, Opelika, Auburn University & Lee County home and this website offers home buyers and home sellers a superior comparative market analysis (CMA), a way to view real estate and MLS IDX listings including virtual tours, prepare your home for sale, and more. Investors looking for real estate investment properties to invest in need look no farther. Anyone selling a home, buying a home or seeking housing can learn more about our realty services, and will appreciate working with a  Auburn, Opelika, Auburn University & Lee County REALTORs who know the area so well. Through trusted partners, we also provide real estate and financial services to consumers looking for houses for sale or selling their home in Auburn, Opelika, Auburn University & Lee County, AL, such as mortgages, credit history, new homes, foreclosures and other services. If you've already tried to go the for sale by owner (FSBO) route and find you are needing a partner who you can trust in the sale of your most precious asset, Magnolia Realty can take care of your special needs. It really doesn't matter if you spell it REALTOR, Realator or Realter, realty, realety or reality, real estate or realestate, Magnolia Realty speak your language.
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