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"How do You respond to a Low Offer?" Advice for Sellers on the Kitsap Peninsula WA

Okay, so it sounds like a loaded question, right? As a Seller, how do you respond to a low offer?

Why, with an outburst of laughter, of course, how else?

Well, think again. In today's slowing market, as it is here on the Kitsap Peninsula in Washington State, with more and more houses listed for sale, competing for the same diminishing pool of Buyers, now is a good time for Sellers to re-think their strategy for responding to low offers.

To read more about these practical strategies, click through to SOUNDBITEBLOG (opens up into a separate window for ease of viewing)

Another fun, yet helpful article by Sparky

Posted by Rich Jacobson Your Kitsap County WA Real Estate Agent on 08/23/2007 10:20 PM

Comments (14)

low offers, slow market, sellers, selling strategy, kitsap county wa, kitsap peninsula wa, washington real estate, soundbiteblog

This post has been included in Washington Information Kitsap County, WA Information

14 Comments on "How do You respond to a Low Offer?" Advice for Sellers on the Kitsap Peninsula WA

AUG

2007

The way that the market is slowing down where I live, you respond with a YES!! Too many people out here are still suffering under the delusion that their homes are worth $100,000 more than they actually are. Take the money and RUN!

Rich,

Thanks for the post. I actually have a draft I am working on for the same topic. A northeastern version:-)

I had one agent tell me that the way they responded to a totally ridiculous offer (no chance of getting it together at all) was to counter with a price that was as much higher than the list price than the offer was below the list. When the buyer's agent called after receiving it, she said, "is your seller crazy!" The listing agent replied, "no crazier then your buyer'.

Obviously, that could be a complete waste of everybody's time, but maybe - just maybe - everyone could get a chuckle out of it, then settle down to real negotiations.

Well, I believe a counter should be considered. (could I chuckle a little though?) I went to your soundbite and read the rest of this....then I read a little on your being in Hawaii and the Navy. I don't know if you've read about my dad retiring from the Navy and my son 6 yrs in the Navy

AUG

2007

This was another good one, and we went to SoundbiteBlog to finish it off and commented there. The graphic of the couple laughing is good fun.

Cheers

Great picture Rich. I assumed that position as I laughed about the last one.

Rich, there are NO LOW ball offers in Michigan. I prepare my sellers at the listing, so they are not offended but encourage them to counter. All the buyers are fishing in Ann Arbor so we are use to it. But, our market has been down longer than the rest of the U.S.

I agree with Missy - there are no low offers... I refer to them as an "offer" and lets see what we can do with it. In this market depending on the property... you really have to roll with it and see what you can negotiate it. To many in financial distress not to at least give it a fair try.

side note... I can't help but laugh every time i read "another article by Sparky" <shrug>

I disagree. There is such a thing as an offer that is too low. We will present all offers, but we explain this to the buyer's agent (and hopefully this gets passed to the actual buyer):

Why would we enterain an offer at XX% of asking price? Before we accept your low offer, we would lower the price and try to get a buyer to pay closer to that number. Sherry

AUG

2007

Rich, as long as there is dialogue, any offer may work out?

Generally in our market (North Central WA) if you have been on the market more than a month, you are subject to low offers. It has been that way for years. I think low offers are good for sellers to see that there are differing opinions on value. While the lowball offer might not be worth taking, it does make them consider lowering the price or being more flexible on some of the terms they might accept. If the market has given you multiple low offers is it telling you something?

Sorry Rich, I called you Rick on your Sound Bite Blog...I getting old! I couldn't find a way to edit the comment. OH Well. Please forgive me

AUG

2007

I always prep my sellers for the low-ball offers. I inform them no matter how off beat it may seem that we shoul dentertain and counter them. You never know what is in the mind of the buyers and sometimes you may actually come to a meeting of the minds. If nothing else it helps to educate the sellers on how the process works so they will be better prepared for the next round.

AUG

2007

Great article Rich. I left a comment on the soundbiteblog, too. Everyone needs to be willing to negotiate. It's a shame - one guy refused to make a lower offer on an overpriced listing because he was afraid of insulting the seller.

I say "So what? You don't know the guy. You don't need to face him at family functions or at church, and if you saw him in the store you wouldn't know him....so what if your offer "insults" him? He'll get over it..."

LOL

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