Raining Cats And Blogs: July 2011

How To Handle Lowball Offers - First Minimize Emotion

 

It's a common scenario in today's real estate market for sellers to have their eyes on getting a certain amount for their home, then the buyers make a lowball offer that insults and offends the sellers and they refuse to even consider it.


How do you turn such a situation around in your favor to achieve a successful sale closer to the asking price? The seller's motivation plays a major role in your response. For example, if the seller wants to sell their home quickly and a buyer is offering less but can close quickly, it's worth them at least considering the offer. When lower-than-expected offers come in, ask for an explanation from the buyer's agent and compare home sales to see how things stack up.


Remove all emotion from the transaction. Regardless of what kind of offers are received, the sellers should not take it personally. ( this is where you come in to coach them on this up front! ) Make sure the seller understands that usually when a buyer writes a lowball offer, it's not an indication of what their house is worth - but rather what the buyer can afford.


Try to find wiggle room by negotiating the terms, such as the moving the timeline, closing costs and repairs. Some money can be gained back that way. If the seller is reluctant to lower the price but you're not having a lot of showings, have a serious talk with the seller and have them consider their motivations.


When a seller says no to low offers, that means he or she will be carrying more payments on the house for a longer period of time ( this needs to be explained in detail and on paper to them ). If a seller can afford the daily cost of staying in the home and wants to get the best bang for the buck at closing, then there's not an urgent need to move so they can wait on the higher offer. Just make sure the listing agreement matches the timeframe it may take!


Motivated sellers will work with their agent, who then works with the buyer's agent, to negotiate - even if that involves countering. You can even counter at, or close to, full price if need be, but at least counter! It takes teamwork to arrive at a conclusion that everyone's happy with.

If you are looking to buy or sell a home in the  Anderson or Greenville SC real estate areas, visit our website at www.SheilaNewtonTeam.com for tons of great information.

 

   
Sheila Newton   
Sheila Newton Team 
Berkshire Hathaway HomeServices -
C. Dan Joyner, Realtors
864-225-1205 (direct)
864-940-6377 (mobile)

www.SheilaNewtonTeam.com    


                   Follow Me on Pinterest

 BHHS C Dan Joyner - Sheila Newton Team

 

       
    

How To Handle Lowball Offers - First Minimize Emotion
share
It's a common scenario in today's real estate market for sellers to have their eyes on getting a certain amount for their home, then the buyers make a lowball offer that insults and offends the sellers and they refuse to even… more
Childrens Miracle Network And RE/MAX
share
Make Miracles Happen for Local Kids RE/MAX has become one of just three fundraising sponsors to reach $100 million in total donations to Children's Miracle Network Hospitals RE/MAX agents who participate in the Miracle Home… more
Hide And Seek Is Not A Game To Play With Past Clients!!
share
I think we have all seen a competitor's sign go up in a past clients yard.. What a bummer!! Contact with past clients is important. We best not forget that! How long would it take for the names within your database to forget who you are? Have you… more
Wordless Wednesday - A Green Green-eyed Visitor
share
Isn't he just adorable? The little green green-eyed visitor on my front steps.. He looks like he wanted his photo taken don't ya think? He even moved from the flower container over to the steps so he showed up better.. There are days… more
Good News For Home Prices And Sales - Real Estate Recovery
share
Home prices have now risen for four months in a row and sales transactions have risen for five of the last seven months, while the drop in sales prices from 2010 is smaller than it has been in the last three months. Residential inventories… more
Speechless Sunday - Bruce in a Basket
share
Cats will find any box, bag, basket, or cloth to lay on or in!! This is our Bruce… I had put a basket down in the garage to take to pick blueberries, I had barely turned my back and there he was.. IN the basket.. And he didn't want to get… more
Home For Sale In Five Forks Area Of Anderson SC - now $36500
share
Three Bedrooms on One Acre Overview Maps Photos Features Description &… more
Home For Sale In Anderson SC at 402 Mayfield Dr.
share
Cute Home in Heart of Anderson Overview Maps Photos Description &… more
Freaky Friday Fotos.. - He is MAD!
share
I have no idea where this photo came from but it is FREAKY!!! My home computer crashed so I'm using my husbands computer and this is a photo I found in one of his files.. If horse's had teeth like this, I'm not sure I would even want to ride… more
Market Reports - Percent Of List Price Received in Western Upstate MLS
share
This was a surprising statistic for the month of June 2011. Month Prior Year Current Year July 2010 94. 0% 92. 5% August 93. 9% … more