You’ve analyzed home sale data provided by your real estate agent. You’ve priced your home fairly based on those recent sale prices. You’re feeling good about your asking price. Now, however, you’re confronted by a solid offer at $6,000 less than you’d expected.
Don’t rush to judgment. Avoid the temptation to deliver a flat “No!” as your answer. There may be more to the offer than meets the eye. For example, say you’ve been transferred from here to several states away. You’ve rented a home there temporarily while waiting for a sale. Meanwhile, you’re paying rent there and a house payment here. Six months in that situation and you will have blown at least the $6,000.
What if a buyer offers $3,000 less, but says he will pay all closing costs? Your agent had already prepared you to pay up to $4,500 in closing costs. Accept this offer and you’ll receive $1,500 more than expected!
Another buyer makes an offer 10% under the market. You’re furious, but instead of rejecting the offer outright, you counter back at full price and he accepts. He was just testing your resolve.
Buyers have many reasons for making offers. They believe their offer is realistic. Quite often, by keeping a cool head and exercising patience, those offers may be converted into acceptable home sale transactions. Avoid the outright rejection of any offer until all the facts are in.