I can use myself as an example and one of my sellers too. It is tough especially when the offers you get are so low. Many buyers think they should start 20% below asking price, so my seller on his $100,000 home gets an offer of $80,000. I don't know how buyers could seriously think that my seller could go so low. Sellers can't give away their homes, especially if they have a big mortgage. I always tell my sellers to come back with a counter offer and he did. Unfortunately, the buyer would only go up to $88,000 and so no home sale. The worst part was having the buyer's agent tell me that was a good price. How frustrating... I know when my buyers are below market price and I counsel them not to be disappointed if they can't get it for a rock bottom price. I know some buyers want to start low and as long as they are willing to get up to a reasonable price, it is worth trying.
Now I think to myself, what is someone going to offer on my home? I too have a bottom line that I can not go below. Talk about stressful. I have full sympathy for all of my sellers. Sellers can only go so low and I know that buyers have a max of what they can pay for a home. Stay tuned to find out what my offer will be and how I handle the negotiations.