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Sellers, don't be upset over a low offer - you're still a winner
Sellers, don't be upset over a low offer - you're still a winner
Date: 2019-04-26
When your property has been on the market for quite a while and you have already reduced your asking price, it can be quite shocking to receive an offer to purchase for an even reduced amount.
It is best to look at the offer as a starting point in a negotiation. So before you start losing sleep about why they think your home is worth so little, speak to your agent about what your counter offer should be.
There are two things which you would need to do, firstly, ask your agent what it is about your home which the buyer does not like which resulted to the low offer.
If there are problems with maintenance or dÈcor, the seller can offer to fix or upgrade certain areas in return for a better offer. You can also determine the cost to fix these issues, while you hold on to the property, accept the offer in return of saving those cost which will allow for a faster sale.
Real estate agents can provide you with a new Comparative Market Analysis (CMA) to look at the market around your area if the condition of your home is not the issue.
In conclusion, your goal is to make a sale with your property, buyers who have put in an offer to purchase are your best chance to reach your goal. Sellers need to understand that a buyer also has expectations and limitations on what they can and cannot afford.
So be pleasant, be honest and above all be reasonable while your agent tries to negotiate and help both parties get what they want, which is a happily concluded purchase transaction.