Donna Coakley McGowan's Blog
Homeowners put a lot of time, money, and effort into maintaining, updating, and decorating their homes. So, when it’s time to sell it can be frustrating to receive a lowball offer on your home.
Many sellers aren’t sure how to react to a low offer. However, with so much at stake it’s important to go into selling your home with a plan.
In this article, we’re going to talk about how to handle a low offer on your home so that you can capitalize on even the less-than-ideal prospects when selling your house.
Every offer deserves a polite response
So, you’ve gotten an offer on your home that you consider to be way too low. The first thing you need to do is to detach your emotions from the situation so that you can formulate a polite, but appropriate response.
It is the custom of many people around the world to negotiate. And one common practice in negotiation is to start with a low offer. Therefore, don’t be offended if you receive an offer that is low as it likely isn’t meant as an insult to you or your home.
We understand that selling can be frustrating, so if you need to vent, talk it over with your family or agent. Together you’ll be able to get past the initial frustration and come up with a quick, practical response to the offer.
Counter the offer anyway
Even if you think there’s a small chance that the prospective buyer will raise their offer to fit your requirements, it’s still worth providing a counter offer. This will make it clear to the buyer that you have received their offer and considered it.
Failing to provide a counter offer could mean you miss out on a serious offer in some cases, so it’s worth the small amount of time it takes to provide.
Don’t waste too much time negotiating
So, you’ve sent a counter offer and have received a response that still isn’t getting anywhere close to what you’re looking for. Now what?
In this situation, it’s best to send a concise and cordial message to the buyer that you won’t be able to adjust your offering price any further and then thank them for their time. After this point, it likely isn’t worth your time to continue negotiating.
Low offers can be helpful
If you’re getting a lot of low offers and none in the range you hope for, it could be time to reconsider a few things. You might want to try a new approach, such as staging the home or highlighting certain details that you may have missed. If your listing photos aren’t up to par you can upload new ones that are higher quality with better lighting.
Next, see if the comparable listings in your area have gone down in price. A substantial change in the local market since the time you listed your property is, in some cases, enough to influence the offers you receive.
Selling a house may prove to be a high-pressure situation, particularly for an individual who is listing a residence for the first time. However, if you share your home selling plans with family members, friends and other loved ones, you may be able to receive additional support throughout the home selling journey.
Ultimately, there are many reasons to inform your loved ones about your plans to sell your house, and these reasons include:
1. You can respond to any concerns or questions before you finalize your home selling decision.
Loved ones have your best interests in mind, and as such, they probably are unafraid to tell you exactly what they think and how they feel. Therefore, it may be beneficial to tell your loved ones about your intention to sell your house, as you'll be able to receive unbiased feedback about your decision.
Although loved ones might not always agree with your decision to sell your home, it is paramount to open the lines of communication with them. And if you tell loved ones about your plans to sell your house, you can clear the air with them before you list your residence.
2. You may be able to gain extensive home selling insights.
In many instances, loved ones may have sold a house in the past, and you may be able to learn from their prior home selling experiences.
Loved ones may provide you with home selling insights that you might be unable to obtain elsewhere too. Then, you can use these insights to increase the likelihood of a successful home selling experience.
3. You can take the first step to promote your house to potential buyers.
Loved ones can help spread the word about your house to dozens of potential buyers. Thus, if you give loved ones advanced notice about your home selling plans, you may be better equipped than ever before to stir up significant interest in your house.
Of course, once your house is listed, it usually is a good idea to share your home listing with loved ones as well. Loved ones then can share your home listing with co-workers, friends and others, thereby improving your chances of a fast, profitable home sale.
As you get ready to list your residence, you also may want to seek out a real estate agent. Because if you employ a real estate agent, you can get the expert help you need to accomplish your home selling goals.
A real estate agent understands the ins and outs of the housing market and will help you put together a successful home selling strategy. This housing market professional can help you showcase your residence to interested buyers. Perhaps best of all, a real estate agent is happy to respond to any of your home selling concerns or queries throughout the home selling journey.
Want to achieve the optimal results when you list your house? Collaborate with your loved ones – and a real estate agent – and you should have no trouble getting the best price for your residence.
If you intend to sell your house, you may want to let your family know about your decision. In fact, there are many reasons why you should consult with family members before you add your house to the real estate market. These reasons include:
1. You can address any concerns or questions.
Family members may have concerns or questions about your decision to sell your home. Fortunately, you can address their concerns and questions before you list your residence.
Remember, family members care about your well-being. If you involve them in the home selling process, you may be able to avoid potential conflicts down the line. Perhaps best of all, if you share your decision to sell your residence with family members, you can help them get on board with your decision.
2. You can plan ahead for the home selling journey.
The home selling journey may prove to be long and difficult, particularly for an individual who initially tries to work alone. Luckily, family members can offer lots of assistance as you get ready to sell your house.
If you inform family members about your decision to sell your home, they can help you prep for all aspects of the property selling journey. For example, family members can help you clean your residence and ensure that it looks great both inside and outside. As a result, telling your family members about your decision to sell your house may enable you to speed up the process of selling your house.
3. You can receive home selling guidance and support.
Family members are ready to help you in any way they can. Thus, if family members sold houses in the past, they may be able to share their house selling experiences with you. And as such, you can learn from their past experience so you are better equipped than ever before to streamline the home selling journey.
Lastly, as you prepare to enter the housing market, you may want to collaborate with a real estate agent. This housing market professional is happy to help you break the news about your decision to sell your home to family members. Also, he or she will provide comprehensive support as you navigate each stage of the house selling process.
Typically, a real estate agent will craft a personalized home selling strategy based on you, your home and your house selling goals. He or she next will set up property showings and open house events to promote your residence to prospective buyers. If a buyer submits an offer to purchase your house, a real estate agent will help you review this proposal so you can determine whether to approve, reject or counter it.
For home sellers who want to enjoy a fast, profitable house selling experience, it often is beneficial to hire a real estate agent. If you have a real estate agent at your side, you can quickly stir up interest in your home and boost the likelihood of maximizing your property sale earnings.
After you accept an offer to purchase your house, a buyer and his or her real estate agent likely will want to conduct a property inspection. Although the mere thought of a home inspection may cause a property seller to stress, it is important to understand the importance of an inspection for both sellers and buyers.
Now, let's take a look at three things that every seller needs to know about home inspections.
1. A home inspection offers valuable insights for both a seller and buyer.
During a home inspection, a buyer, his or her real estate agent and a house inspector will examine a residence both inside and out. The inspection allows a buyer to take a close look at a residence and identify any underlying issues with a house before finalizing a home purchase.
Meanwhile, a seller may learn about assorted home problems following an inspection as well. And if a home has various problems, a seller may need to correct these issues to fulfill a buyer's requests.
2. A home inspection won't necessarily slow down or stop a house sale.
Typically, a home inspection is performed after a seller accepts a buyer's offer to purchase. At this point, a buyer wants to ensure a home matches or exceeds his or her expectations. With an inspection, a buyer can learn about all aspects of a residence and proceed accordingly.
If problems are discovered during a home inspection, there is no need for a seller to worry. Oftentimes, a buyer will request a seller fix any problems with a home, or he or she may ask for a price reduction. As a seller, you may be able to negotiate with a buyer to find common ground relative to the costs of myriad home repairs too.
3. A home inspection generally does not take long to complete.
In many instances, a home inspection takes just hours to complete, and a buyer will receive a house inspection report within a few days of the evaluation. After a buyer reviews the home inspection report results, he or she can choose to move forward with a home purchase. Or, a buyer can rescind his or her offer to purchase or request home repairs or a reduced purchase price.
A seller will find out how a buyer wants to proceed within days of a home inspection. If a buyer and seller can come to terms after an inspection, both parties can proceed with a home transaction. On the other hand, if a buyer and seller cannot reach an agreement following an inspection, both parties can reenter the housing market.
Lastly, when it comes to selling a home, it often helps to hire an expert real estate agent. This housing market professional can teach a seller about home inspections, as well as what to expect at each stage of the property selling journey. That way, a seller can prepare for any potential home selling hurdles and take the necessary steps to overcome such problems before they get out of hand.
If a buyer rescinds his or her offer to purchase your house, there is no need to stress. In fact, there are many things you can do to rebound quickly, such as:
1. Address Any Problems with Your Home
Try to find out why a buyer chose to walk away from your residence. That way, you could receive valuable insights into any problems with your home.
For instance, if a buyer discovered myriad home problems during an inspection, you may want to devote time and resources to address these issues. Or, you may want to reduce your house's initial asking price.
You may want to hire home improvement professionals to perform assorted property upgrades as well. By doing so, you can receive comprehensive assistance with home repairs and ensure any property issues are resolved immediately.
2. Promote Your Home to Buyers
A home deal that falls through is not the end of the world. Thus, you should be ready to re-list your house and promote it to buyers. Because if you reenter the housing market, you can move one step closer to selling your home.
As you promote your home to buyers, you should keep your residence looking great both inside and outside. This will help you boost the likelihood that buyers will fall in love with your residence as soon as they see it.
Don't forget to consider the buyer's perspective, too. If you think about why a buyer might choose your home over other available residences, you may be able to highlight your house's distinct features to the right groups of buyers.
3. Consult with a Real Estate Agent
Let's face it – you may feel disappointed and frustrated if a buyer rescinds his or her offer to purchase your house. But if you work with an expert real estate agent, you can get the help you need to streamline the house selling journey.
A real estate agent understands what it takes to sell a house, and he or she is ready to assist you in any way possible. First, a real estate agent will learn about your home and ensure you can promote your residence to the right groups of buyers. He or she next will showcase your residence to prospective buyers and host home showings and open house events. Finally, if a buyer submits an offer to purchase, a real estate agent will help you review the homebuying proposal so you can make an informed decision.
Best of all, a real estate agent can help you minimize stress as you navigate the home selling journey. If you ever have concerns or questions during this journey, a real estate agent will respond to them immediately.
The home selling journey may be complicated, and ultimately, a buyer may choose to rescind his or her offer to purchase your residence. However, if you take advantage of the aforementioned tips, you can stay calm, cool and collected in the face of adversity. And as a result, you may be better equipped than ever before to seamlessly navigate the home selling cycle.