The challenges of this "Buyer's Market," are very unique, with inventory of homes for sale at an all time high, plus banks getting ready to acquire more properties via Foreclosures and then ad them to the list of "For Sale" homes, having an offer is sort of... a privilege, a blessing.
But what if you, Mr. seller, get a "Low-Ball" offer on your house? Recognizing that an offer is an opening salvo for the beginning of negotiations is critical. Unfortunately, some sellers get right down... offended by a low offer. They refuse to take it seriously and a rejection is the result that kills any chance they could have had of getting to a mutually agreeable compromise with the buyer.
After 23 years of selling real estate full time I have learned to counsel my clients, the sellers to be open minded, especially on this market and to understand the logic of a buyer who makes an offer. Yes, prices are low but don't blame the buyer for trying to get an even better deal. Would YOU Mr. seller do the same if you were in the buyer's shoes? Of course YOU wouldn't!
Engaging the buyer in negociations even with his "Low-Ball" offer, keeps the buyer looking at YOUR house, look at the big picture! If you want to sell the house, there is a reason. Keep the main goal in mind, if you are selling to buy a bigger or smaller house, I recommend you give more than you thought you could give because you will recover all that and more when you switch from Seller to Buyer, you will get even with the next guy!
If you manage to sell your house on this market, consider yourself lucky, a low bid offer could be the key to your future plans being realized sooner than expected. Don't lock yourself into an unreasonable price. Remember, the best price for the house is: "What the buyer is willing to pay and the seller is willing to accept" Now, go ahead and take another look at those... "Low-Ball" offers.
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