Reverse Offers for Sellers of Hamilton, NJ Homes

Real Estate Agent with RE/MAX Tri County

We all know real estate is cyclical, and we've been through Reverse Offers before, but then the idea disappeared as houses sold more quickly.  Now, with many Hamilton homes sitting on the market for months or years, sellers might want to revisit the idea.

In a reverse offer situation, a seller will approach one - or several - of tbe huyers who have viewed the property, and make an offer to those buyers.  Your Realtor can help decide which buyers to contact, as not all may be ready to buy, or to consider the seller's offer seriously.

As a seller, you can offer anything you want, including a lower price, concessions to help with buyer financing, or completing repairs.  Again, your Realtor will help you total your bottom line after these price adjustments, to know what your net would be if one of the buyers accepts.

According to a recent post on's Reality Check, here are the 3 "best practices" for making a reverse offer:

"Give the buyers a short period of time to respond. The whole point of a reverse offer is to create urgency where the buyer currently feels none. Extend a reverse offer with the caveat that it is only good for a day or two, to push the buyers into moving quickly. Similarly, if you have extended the reverse offer to multiple buyers, let them all know that this is the case and that the first buyer to bite takes the house.

"Great candidates for reverse offers include sellers facing lots of competition. If your home is nearly identical to neighboring homes for sale at the same price, or you are struggling to position it competitively with foreclosures and short sales in the area, consider making a reverse offer. A proactive, reverse offer differentiates your house in the minds of home buyers and, again, creates urgency to act on the part of buyers who otherwise have so many homes to choose from that they feel they have all the time, choice and bargaining leverage in the world.

"If one buyer has viewed your home repeatedly, check with their agent directly.   Ask your listing agent to contact the broker for any buyers who have made more than one visit to your home, to inquire into what is keeping them on the fence. This will boost the likelihood of making a successful reverse offer by making sure the offer addresses the issues that have made buyers hesitant to pull the trigger."

By making a reverse offer, you aren't limiting yourself to one buyer or one price.  Anything is negotiable until a contract is signed by both parties.  If one of the buyers presents you with a counter offer, you can accept or counter yourself.  And then at least you have an offer to work with instead of just hopes to sell.

Contact me to discuss this strategy to sell your Mercer County NJ home, and we can decide if it might help in your situation.

Comments (2)

Larry Costa
Century 21 Classic Gold, Carver MA - Carver, MA
Realtor, MA Real Estate

This is an interesting technique for a property that's been out there for awhile.

Feb 04, 2011 04:07 AM
Bob Zorechak - ABR, GRI, e-PRO
Keller Williams Realty Metropolitan - Morristown, NJ
Sells Homes in Morris/Somerset/Hunterdon Cos., NJ

Joe, I have used this strategy with success in the past.  It is an excellent "outside the box" approach that my sellers have appreciated.  There is no harm in trying this approach, and the chances for engaging an otherwise "on the fence" type of buyer is worth it.

Feb 04, 2011 04:09 AM