This week an offer came in on one of my listings. The prospective buyer has been hanging around awhile so we figured it was only a matter of time before an offer would arrive. When they presented the offer it was for almost $100,000 less than the asking price. Now I’ve learned not to be very surprised by anything that rolls off the fax machine anymore, so despite shaking my head I thought lets see how we work with this.
Serious conversations ensued where the buyer defended the offer and explained their rationale. That is terrific but the logic wasn’t 100% on target. We countered with what was a very reasonable offer with appropriate concessions. The response…well let’s just say they didn’t think we had our heads screwed on straight.
Then I started thinking how do I explain this to the buyer in terms that they might understand better. Finally I asked “if a buyer offered you $100,000 less for your home how would you react?” The answer was firm and loud. “I would be insulted, I wouldn’t bother to respond, and I’d think they didn’t have a clue about the value of my home? And then the pause came, you know the one I’m talking about. The long pregnant pause as the realization hit them about their offer and how it might have been received.
I don’t know if we will make a deal or not. But I do know the buyer has a little different perspective on a low ball offer.