In each real estate market,
there are buyers who make offers that are far from the current market value.
How should you react if your real estaet agent brings you one of these "low
balls"?
If your home is priced well, you can reject the
buyer's offer and be pretty confident that a better one will come soon. However, in a buyers'
market you may not have that luxury. Try to get a handle on the buyer's
overall strategy, and ask your real estate agent or Realtor for advice. Do they really want your
house or will they move on to another property/house if you make a counter offer? Can
they afford to pay a higher price (this will be difficult to find out)? Are there ways to close the gap with a small
owner carry-back, or with terms that will increase your bottom line? It may be
necessary to take a close-hard look at your asking price. If your price is on the high
end, the offer may not be that unreasonable. We recommend that you not reject a low offer until you have explored all the options.
