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Responding to Low Offers

The beginning of negotiations is usually the end of many months of hard work for the buyer or seller. The work ahead requires skill in order to maintain a strong position.

Sellers can lose their advantage if they do not counter an offer that a buyer has made. Even if the opening offer is beneath what the seller feels is reasonable, it is advisable for the seller to respond with a slight reduction from the asking price. The most important component in negotiating is good communication.

The best way to handle a low offer is to counter it with definite terms that are favorable to the seller. A counter offer has two advantages: 1) it keeps the buyer interested, and 2) it moves the negotiation forward and gives the buyer the opportunity to submit another offer that the seller is more likely to prefer.

The J Team

Posted by Jason Vombaur on 05/15/2007 12:14 PM

Comments (6)

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6 Comments on Responding to Low Offers

MAY

2007

I have had customers complain about not receiving responses when they offer was not much lower than the asking price.

I always tell my sellers that even if it is a low offer, this is a starting point and there is an actual buyer at the table. I also tell them to think of it in terms of them being the buyer, would they want to start out with a full price offer? Thanks for the post.

Jason - very well stated. From the buyers perspective, I would suggest making an offer and if a counter is received, possibly submit a highest and best offer. This could save both parties time.