What should the agent suggest if you get a low ball offer?

As an agent I've been in the position of having a client who offers low to see what the seller will do. I also have to say there are times I've been totally surprised at the counter offer we get back and my buyers have jumped for joy and got a house at a great deal. You just don't know how motivated a seller might be.

As an agent on the listing side I've had sellers refuse to counter, want to counter at higher than list price and just get insulted and mad. I try to talk them into taking the emotions out of it and making a counter that does show a willingness to negotiate and to not get insulted by an offer. It beats the alternative of NOT having an offer.

We sent an offer today and apparently both the agent and seller were insulted, not only did it get sent back to us at list price it actually was sent more than 3 hours after it expired.  It certainly wasn't the way to continue to negotiate.

We also recently had one who wanted to counter the loan terms. They actually wanted to bump the interest rate our buyer was "willing" to pay by more than a half of a percent. The fact that twice they countered the amount of the interest rate was enough to make our buyer move on to another house.  Wonder who killed that negotiation, the seller or the agent?

My advice to sellers is never to take an offer they aren't happy with, but always to keep the channels of negotiation open. Sometimes a few baby steps toward someone is all it takes to get them to walk over to you.  But if you push them down once or twice they are going to walk on over to another buyer. In the market we are having locally there is lots more inventory out there.

If you are a buyer or a seller you really should ask for an updated CMA and make a sound business decision and not an emotional one.

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Comment balloon 39 commentsTammy Lankford, • August 25 2015 07:31PM
What should the agent suggest if you get a low ball offer?
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