Monday, February 7, 2011

6 Tips for Dealing with a Low-Ball Offers on Your Lexington Home!

Selling your Lexington home can be filled with highs and lows as the national housing market attempts to stabilize itself. Whether your home has been on the market throughout the holiday season or if you’ve just recently put your home up for sale; the first offer can be an exciting time! You feel encouraged that there are buyers out there who see the value in your Lexington home.

The only problem with the offer that you quickly realize is the price that they’re offering to pay. As the market is still leaning in the favor of buyers, many looking for homes try to cash in on the current markets’ status. So, how do you handle an offer that is significantly lower than what you were hoping for?

Before you reject the offer completely, get offended or write-off those particular buyers; take a deep breath. It’s hard when you’ve put a lot into your home whether in renovations or repairs as it’s easy to take a low ball offer personally. There are a few ways to deal with a low offer on your Lexington home. Below are six ways to deal with a less than favorable offer on your home.

1. Consider the terms- Price is paramount for most Lexington buyers and sellers, but it’s not the only deal point. A low purchase offer might make sense if the contingencies are reasonable, the closing date meets your needs, and the buyer is preapproved for a mortgage. Consider what terms you might change in a counteroffer to make the deal work.

2. Counter the purchase offer- Unless you’ve received multiple purchase offers on your Lexington home, the best response is to counter the low offer with a price and terms you’re willing to accept. Some buyers make a low offer because they think that’s customary, they’re afraid they’ll overpay, or they want to test your limits.

A counteroffer signals that you’re willing to negotiate. One strategy for your counteroffer is to lower your price, but remove any concessions such as seller assistance with closing costs, or features such as kitchen appliances that you’d like to take with you.

3. Get the agents together- If the purchase offer is too low to counter, but you don’t have a better option, ask your Lexington Real Estate agent to call the buyer’s agent and try to narrow the price gap so that a counteroffer would make sense. Also, ask your agent whether the buyer (or buyer’s agent) has a reputation for lowball purchase offers. If that’s the case, you might feel freer to reject the offer.

4. Review your comps- Ask your Lexington Real Estate agent whether any homes that are comparable to yours (known as “comps”) have been sold or put on the market since your home was listed for sale. If those new comps are at lower prices, you might have to lower your price to match them if you want to sell.

5. Consider the buyer’s comps- Buyers sometimes attach comps to a low offer to try to convince the seller to accept a lower purchase offer. Take a look at those comparables. Are the homes similar to yours? If so, your asking price might be unrealistic. If not, you might want to include in your counteroffer information about those homes and your own comps that your Lexington Real Estate agent provided for you when you first decided your asking price. If the buyers don’t include comps to justify their low purchase offer, have your real estate agent ask the buyers’ agent for those comps.

6. Don’t signal desperation-Buyers are sensitive to signs that a seller may be receptive to a low purchase offer. If your home is vacant or your home’s listing describes you as a “motivated” seller, you’re signaling you’re open to a low offer. If you can remedy the situation, maybe by renting furniture or asking your Lexington Real Estate agent not to mention in your home listing that you’re motivated, the next purchase offer you get might be more to your liking.

I hope these tips are helpful as you begin to accept offers on your Lexington home. If you are just beginning the home selling process and still have not found a Lexington Real Estate agent; please let me know! I have worked in the Lexington Real Estate market for years and have a solid track record of getting Lexington homes sold in a smooth and efficient way! Please feel free to contact me anytime!

Theresa D'Antuono

Lexington MA Area Real Estate Agent
Search Lexington MA Homes For Sale
Search All Lexington MA Area Homes For Sale
Visit us on our Lexington MA Resources Facebook Page for Events and Updates

No comments:

Post a Comment