Home Seller Advice: How to Respond to a Lowball Offer

By Home Bay

Posted on July 27th, 2016

If you get a lowball offer, do you counter or do you simply ignore it and wait for other offers to come in? Read on to find out what our expert real estate staff suggests.

Unless you are overwhelmed with multiple offers, you should respond to all offers, even if you get a really low offer. We suggest you respond with a counter offer very close to list price. This post explains why.

It's also important to note that national stats show on average home sellers believe their home is worth 8% more than it actually is. Most home sellers are biased in favor of the features of their home, which is what prompted them to buy it in the first place.

If you are not receiving enough offers or if you're receiving offers at prices less than the amount you believe is fair, ask yourself whether you are part of the national average. If you think you may be, it could be time to re-evaluate your list price.

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Posted in Real Estate Negotiations