Dealing With Lowball Offers On Your Knoxville Home For Sale
Lowball offers can be difficult to deal with. As a seller, it can be hard not to get offended or even want to work with a buyer who writes a lowball offer.
Even though lowball offers are tough to deal with at first, they can sometimes be worked into a respectable offer that makes both parties happy.
Dealing with lowball offers on your Knoxville home for sale is a bit of an art. In this post, we’ll look at how to deal with a lowball offer.
Take A Step Back
Oftentimes, the first response many Knoxville sellers have when they receive a lowball offer is to want to shoot the offer down.
But, before you do that, it’s important to take a step back. Remember, you’re trying to sell your home. As offended as you may be about the offer, it is an offer on your home. It’s at least worth trying to see the offer through. If it doesn’t work out, you’re still able to walk away.
If you receive a lowball offer on your home, before you respond back, give yourself sometime to let it sink in. Consider what the buyer is offering you and consider why they may have offered that price.
Oftentimes, buyers will submit a lowball offer for the following reasons:
- The home need repairs.
- The buyer is testing the waters.
- The buyer feels the home is overpriced.
- The buyer is out of touch with reality.
Respond Back
You have nothing to lose by submitting a counteroffer back to a lowball offer. It will at least give you a chance to see if the offer can be worked into something respectable.
Before responding back to the original offer, it’s important to look at what the buyer is asking for:
- Sales Price – how much higher would you need to be happy?
- Close Date – is it within your timeline?
- Closing Costs – are they asking you to cover any of their closing costs?
- Home Warranty – are you expected to pay for a home warranty?
- Appliances – are you expected to leave the refrigerator, washer, or dryer?
- Other Items – is buyer asking for curtains or any other personal items?
After looking at those items, see what you what aspects of the offer you’d like to change in your counteroffer. The counteroffer is your opportunity to try and make the offer more respectable on your end.
It’s important to remember that all real estate transactions are about compromise. If you’re serious about seeing the offer through, it can help to be open to some compromise.
Remember You’re In Control
After you’ve submitted your counteroffer, the buyer will either accept it, counter back, or walk away all together. Regardless, as a seller it’s in your best interest to try and see things through. If you cannot come to a reasonable contract with the buyer, you can walk away from the transaction all together.
It’s important to remember that no one can sell your house but you. Even when a buyer makes a low offer, you’re not under any responsibility to accept that offer. If you can make the offer work, that’s great. If not, you can move on and wait for the next best thing.
Bottom: Any Offer Is An Opportunity
The key to dealing with lowball offers on your Knoxville home is to keep a level head. When you let your emotions take control, you can squander and opportunity. If you can’t make an offer work to your benefit, you can walk away unscathed.
Just remember, you’re selling your house. Any opportunity you can get to try and sell it is worth seeing through.
Are you thinking about selling your Knoxville home this year? Please let us know if there is anyway that Knoxville Home Team can assist you. Rick can be reached at 865-696-9002 or via email at [email protected]. Kati can be reached at [email protected] or at 865-696-1888.
