Boise Home Sellers - How to Respond to an Offer.
If a buyer initially offers a lowball amount (which they typically will), sellers are offended. This is because most sellers are emotionally attached to their homes (and that’s understandable). If the listing agent hasn’t educated their sellers on what to expect, the client can make a very expensive mistake.
Think about it this way - even though it’s a low-ball offer, it’s better than the offer you got yesterday! That’s right, there probably was no offer yesterday! See my point?
Unfortunately, many sellers lose what could have been the sale of their home because they don’t realize that a low-ball offer is very common.
One of the most valuable services I provide for my clients is NEGOTIATING POWER. This is where a seasoned agent really shines because their skill in handling offers and counteroffers can protect their clients’ home equity.
There is a strategy to negotiating.
Take a look at this scenario:
Sellers asking price $350,000 (the seller knows their minimum price is $320,000).
The Buyer offers $300,00.
The seller has 3 options:
1. Take offense to the offer and ignore it.
2. Reject the offer and risk the buyer walking away.
3. Counter the offer because the buyer obviously liked your home enough to write an offer and is probably willing to give more.
So lets say, we do the right thing and choose door # 3. Now, how much should you counter for? It depends on market conditions - if the market is hot, you probably want to be close to the asking price - if its not, you should make a reasonable counter.
Typically, YOU SHOULD NOT COUNTER YOUR MINIMUM PRICE right away. If you do that and the buyer sends you another counter offer, you are stuck between a rock and a hard place. And - there’s a change the buyer is willing to pay more than your minimum $320,000?
The counter offer process can go back and forth until both the buyer and seller can agree to the price and terms.
There are no guarantees when you are negotiating in the Boise Real Estate market. But, I will tell you this, a seasoned real estate negotiator can help you get a sense of the buyer and provide you with the information you need to come out on top.
Tags: Boise Home Sellers, Boise Listing Agent, Boise Real Estate Market, Negotiating Power, Real Estate Negotiator, Responding to an Offer