If you take care to price your home correctly — that is, at a price that is in line with what similar properties in the area have sold for recently — then you have a good chance of selling it at or near your asking price.
That doesn’t mean you won’t get a low-ball offer. You might. So what do you do when that happens?
First, understand that the buyer may not necessarily be trying to steal away your home at a bargain-basement price. He might simply be mistaken about its true market value. Of course, he might also be coming in at a low price in the hopes he’ll get lucky.
You will never actually know the buyer’s motives. So it would be a mistake to get angry or dismiss the offer out-of-hand. That low-ball offer might end up being the beginning of a negotiation that results in you selling your home at a good price.
Your first step is to work with your REALTOR® to determine:
- How serious the buyer is.
- How qualified the buyer is. (For example, does he have a pre-approved mortgage?)
- How amenable the buyer is to a counter-offer that reflects the true market value of your home.
- What that counter-offer should be.
This isn’t an easy process. It takes knowledge and experience to get it right. That’s why working with a good REALTOR® is essential.