For most home sellers, the ultimate goal is to get the best price for their home and its smooth transition to new ownership. But what do you do when you get an offer that’s lower than you expected?
You have a few options, but before we dive in we want to encourage you: emotions might already be heightened going into the negotiation process. Maintaining open, honest and respectful dialogue should always be the top priority of yours, even if things get heated.
1.) Counteroffer the Asking Price
Expecting a negotiation process, the buyer has offered a low bid. You know you’ve priced your home fairly, so run the ball back in the right direction by countering with the asking price or a reasonable compromise. It might dissuade some folks from staying in the game, but it will also ensure the remaining players are in it to win it.
2.) Ask for a Different Offer
It’s a riskier approach, but can pay off. Instead of making a counteroffer, don’t make an offer at all. Reject the buyer’s offer and request they submit a new one. As stated, this is definitely a risky option, and one we’d recommend you consult your real estate professional on first.
3.) Set Time Limits
Remember, once negotiations begin with a buyer, you cannot accept other offers that come your way. If you’re eager to sell, setting an expiration limit on your counter offer will force the buyer to make a more expedited decision on any next decisions.
4.) Throw in Some Perks
If the offer seems too low, it could indicate the buyer is concerned with closing costs or potential necessary repairs. If you want a higher bid, it could work in your favor to offer some perks with the purchase. A washer and dryer unit, covering the first-year home warranty, or throwing in the hot tub can soften the financial blow for the buyer, particularly if this is their first home purchase experience.
The negotiation process can be tough to navigate, but knowing your options can help keep things moving forward with reasonable expectations and respectful dialogue. For more home-selling advice, download the free Homes.com How to Sell Your Home Playbook!