What could be worse than having a property on the market for months and not receiving even a nibble from a buyer. Possibly getting a humiliating lowball proposal might have equal footing. That’s the conundrum for a home buyer that finds a property, that’s been proven to be overpriced. Should they make an offer that’s more in tune with fair value or by-pass the home completely. On the other shoe, should sellers negotiate with a buyer that makes an offensive proposal or refuse to respond at all. Both of these scenarios are based on the circumstances of both parties.
Some of the factors that might provoke a lowball offer would be the length of time the property has been active, the longer, the more likely. Another determinant could be a less than motivated buyer or as was mentioned earlier, the home is just overpriced. Some buyers are blindly making multiple lowball offers, hoping one sticks. Then you have those well-informed prospects that are making fair offers, even though the price does not meet the sellers false impression of value. Even when sellers are prompted by their realtor to price their property correctly, sometimes it takes that reasonable offer to create a reality check. Is a lowball offer worse than no offer at all is in the eye of the beholder.
If sellers stonewall making necessary price adjustments, their home becomes inconsequential to buyers and realtors will use that home to sell other more attractively priced properties. Any proposal, no matter how crummy should always be acknowledged and countered. The chances are slim if both buyer and seller are not willing to negotiate and sellers will never know unless they reply. Even if buyers agree to overpay for a property, the buyers lender will not blindly orchestrate a loan for this overpriced home. There are too many well-priced properties for a buyer to aimlessly bid on a pricey house.
There will always be those ill-advised lowball offers, that tactic has been around as long as homes have been bought and sold. But a seller should not be alarmed with this maneuver, they should consider this an opportunity that did not exist prior to the lower than thrilling offer. You can’t win the Lottery unless you play and you can’t sell a home until you receive an offer. Maybe not the best comparison, but you get the point. Please visit my website www.JohnnyBrooksHomes.com for helpful tips on buying or selling a home, scan my informative blogs, join my professional networks at Twitter and LinkedIn and easy access to view local area homes for sale in Davis, California and the surrounding communities.