Getting A Low ball Offer Off Of The Ground in Highland Park IL It's no secret that this is a buyers' market, but what does that mean for sellers? As an active REALTOR in Highland Park IL and other surrounding North Shore Suburbs I prepare my sellers that they may get a low ball offer. Getting a low ball offer can happen at anytime - your home may be fresh on the market or on the market for several months. If you've had your home on the market for months and have already reduced the price you may be asking yourself how low you can go. Low ball offers used to be unusual but now they are an everyday reality, with prospective buyers coming in well below the list price with a list of demands. It can be frustrating and too many sellers take it personally. Remember that it's business, and the starting offer is just a point of departure. Take a deep breath and bear the following in mind:
What do you need to get out of this deal? How much do you need in order to purchase your next home?
Look at comps. Your agent should be keeping you up to speed on all transactions in the area that might have an impact on your sale. How do other active listings in your community compare to yours in terms of price, space, upgrades, features and location? That information gives you a good reality check and potential negotiating power.
There is no advantage or reward to rejecting an offer outright. My suggestion is that in this market you should play ball with anyone who can fog a mirror! If they have a pulse then put together a counter-offer and keep the conversation afloat. The number on the initial offer may seem like a cruel joke, but this buyer is serious, otherwise they wouldn't have bothered putting in a bid at all. Everyone is looking for a deal, do not get insulted by a low ball offer!
Set the tone. Make sure that the buyer and his or her agent understand that you are ready, willing and eager to work with them. If they know that you want to make it work then they will be more inclined to reach an agreement that is mutually beneficial.
Draw your line in the sand. When you make your final offer to the buyer be sure to stick with it, within reason. It would be a shame to lose a buyer over small change or relatively minor contractual terms.
If you're reading this then you've already been waiting out this unpredictable market. Stay patient and don't make any hasty decisions. Selling takes time, but working with a great agent, keeping your cool and using your best judgment will get you the results that you want and need to move forward. I have always said that both parties need to walk away from the deal feeling good about something. It's easy to get discouraged in this market but I still truly believe that, armed with the right attitude and information, buyers and sellers alike can negotiate a deal that works for everyone.
The above article, Getting A Low Ball Offer Off Of The Ground, was written by Noah Levy a REALTOR in Highland Park IL.
For more information regarding homes for sale or listing your property in Highland Park IL, Glencoe, Kenilworth, Wilmette, Winnetka, Deerfield and other surrounding Chicago North Shore suburbs check out my website Noahlevyhomes.com give me a call at 312.203.2416 or email noah.levy@cbexchange.com.
I look forward to hearing from you!
"Noah Knows Real Estate!"
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Great post and I like your attitude about both parties walking away from the deal feeling good about something. I agree!
Noah, well written information and reminders that definitely can create a win-win for both parties in the transaction. ~ Susan
This is an excellent post and you are so right to keep the emotion out of it.
Really good post, Noah! I enjoyed reading it. Great info that all sellers should keep in mind - especially the part about it being a business transaction - NOT personal!
Erika & Susan - Just had a closing today and I can truly say that both the sellers and buyers were really happy!!
Judy - the less emotions in Real Estate the better :)
Stephanie - one of our roles is to remind the sellers that selling a home is a business transaction