When you put your house for sale in the Calgary real estate market, receiving a low-ball home offer is disappointing. While you may have a certain price in mind for your home, potential home buyers tend to quote their price in the process of negotiation. A low-ball home offer is typically a price quoted way below the price quoted by the seller. Whether you like it or not, you have to reply to a low-ball home offer. Here are a few tips to help deal with a low-ball home offer.
The first reaction to a low-ball home offer is anger and disappointment. Having spent so much for your house and putting it up for sale in the best condition, you might expect the best offers and buyers to agree to the price set by you. However, a low-ball home offer is a normal thing to expect as buyers tend to negotiate by decreasing the price of the house. So, do not get angry and upset about the offer and treat it as a normal business offer which you can decline neutrally.
Question the Offer
When it comes to offers, it’s not always about the price. Before you reply to the offer, know why you received such a low-ball home offer. Is the buyer serious about your property or not? If yes, then on what basis was this price decided? There is also a possibility that the buyer is new to the market and does not have knowledge of the market prices. When you raise such questions about the offer, you get a better idea of what the buyer is thinking. This helps you in raising a better counter offer.
Make a Counter Offer
While making a counter offer is not on your mind after receiving a low-ball home offer, failing to do is your loss. It could mean that the buyer is just lowering the price to get a better negotiation. It is best to make a counteroffer to gauge if the buyer is interested and ready to settle at a price which makes you both happy. When making the counter offer, make sure to reanalyze your price and stick closer to the initial price if you are sure about it.
Before you go ahead and issue a counteroffer to the buyer, consult your real estate agent. Take their opinion on the pricing and the reason behind the low-ball home offer. Since they have been in the Calgary real estate market more than you, they can give you a better insight on the pricing factor. Also, a real estate agent can help you in getting the current price rates of your house as well houses similar to yours in Calgary market for a better analysis.
Take your time, analyze the offer and then respond. Remember the main focus should be on selling your house in Calgary. With various potential buyers in the line, a few low-ball home offers are common. Check for the seriousness of the buyer and accordingly pursue or reject the offer as the decision is in your hands. To make a sound judgment, take help from one of our seasoned real estate agents.