Real Estate Blog

In every real estate market, there are buyers who make offers that are far below the current market value.  How should you react if your agent brings you one of these “low balls”?
 If your home is priced well, you can reject the offer and be reasonably confident that a better one will follow.  In a buyers’ market, however, you may not have that luxury.  Try to get an idea of the buyer’s overall strategy, and ask your agent for advice.  Do they really want your house or will they move on to another property if you make a counter offer?  Can they afford to pay a higher price?  Are there ways to close the gap with a small owner take-back, or with terms that will increase your bottom line?  It may be necessary to take a hard look at your asking price.  If your price is on the high side, the offer may not be that unreasonable.  I recommend that you don’t “just say no” to a low offer until you have explored all the options.