Will the Low Offer Get the Seller's Attention?
In a limited inventory market low offers are not encouraged. We agents know that it can be a waste of everyone's time to submit really low offers and sellers can react by rejecting them with no counteroffer. But what if the property is overpriced and is nowhere near where it should be priced?
When I list a home for sale in Clarksville TN, I strive to get the listing price in a range that concurs with the market analysis. I am sure many other agents do the same thing but in a tight market where listings are scarce, agents tend to relax their standards and will take overpriced listings in hopes a buyer will pay overmarket prices or the seller will come to their senses.
There are buyers that have been looking for a home for long periods of time. Buyers do their homework and know when a home is priced too high. They may like the home so much that they want to take a stab at it with a really low offer that reflects a truer picture of the home's value. They hope the seller will now be at a place where they are motivated or that the seller's agent will show them the list price is not unrealistic. If the seller is stuck on principle, the offer may not go anywhere. But if the home has been on the market awhile, has had no offers and the sense of urgency is getting close, a low offer may get a serious look. Sellers should be encouraged to counteroffer. In many cases it may not be a waste of time.
Another situation is with investor buyers. Remember these buyers are strictly about the numbers and are not moved by emotions. Investors usually can close quickly and do not let the little items of a home inspection scare them off. They have factored in unexpected repairs and know it is a roll of the dice. A seller should look at these offers seriously as it can get the job done and the seller on the way to their next phase of life. If the offer is too low it may behoove the serious seller to make a counteroffer. Investors mean business and if it works financially the seller may have a sale sooner than later.
Just because the offer is low doesn't mean it should be disregarded. The listing agent should reevaluate the market and share the numbers with the seller. A sale today is oftentimes better than one 6 months later.
A Really Low offer May Still Have Value
Listen to an experienced agent and get the facts. When you want to search for a home in Clarksville TN and want a skilled real estate agent to work with you, contact The Real Debbie Reynolds at 931-320-6730.