So you have received a low ball offer on your Washtenaw County home or condo.
We have worked with buyers who erroneously feel as though the Ann Arbor real estate market is like the Las Vegas market. Often buyers think that they can mark down an asking price by 15%.
If you are a Washtenaw County home seller who is on the receiving end of a low ball offer, what will you do?
This is a business decision. I can’t emphasize this enough. I have been involved with successful transactions, where the initial offer was literally thousands of dollars lower than that what the house sold for. Part of my job as an accredited seller representative is to be objective. Ultimately, focus on the solution - someone wants to buy your house.
Counter. Again, I have seen Ann Arbor Area real estate transactions go to closing, where the initial offer was countered to acceptance. Without a counter offer, you never really know what the buyer is willing to do. Many buyers in today’s real estate climate feel they are expected to make very low offers. As long as buyers and sellers are communicating, and getting closer to an agreement, progress is being made.
Many time terms are just as important. Is the closing date good for you? Is the buyer bringing a lot of cash to the transaction, so that the appraisal may be less of a factor? Although it doesn’t always seem so, there is a lot more to an offer than just the price. What lender are they using and do they use local appraisers?
If you have reviewed the comps with your agent, and you are confident that your price is realistic, given the market, then you should make your best effort at negotiating the low offer. If the buyer is unrealistic, be prepared give it your best shot, then move on.
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