A Guide to Handling Low Ball Offers on Your Property

September, 2016

Selling your home isn’t always simple or straightforward. Getting your home valued, preparing it for viewings, and possibly even balancing all this with searching for a new home – every step has its own challenges. And when you’re finally ready to sell for the right price, somebody swoops in with a low ball offer. Don’t despair. With our quick guide, you’ll be able to take the positives from these offers and move further towards getting the right price for your home.

What is ‘low balling’?

For those who are unfamiliar with the term, a ‘low ball’ offer is an offer that’s considerably less than your asking price. You’ll soon become aware of them when you’re selling, and should even expect them. Buyers obviously want to pay less. To achieve this, it’s become almost a convention for them to put in an offer around 10-20% below the valuation.

First and foremost, when receiving these offers, don’t be knocked back. It can seem like a bit of an insult knowing that somebody values your home less than yourself and the estate agent. It’s been your home for a while, so it’s natural to feel a bit offended by a low offer. But don’t worry – it isn’t a genuine evaluation of your home.

We’ve mentioned you should expect low ball offers, but what you also need to know is the expectation of buyers with these bids. Buyers don’t necessarily expect their low ball offer to be accepted. If anything, their initial offer is just the beginning of negotiations. It’s important that you don’t react badly. Refusing to negotiate or giving a shockingly high counter offer could end their interest.

Responding to the offer

Remember you’re in control; you don’t have to accept any offer. The best thing to do is stay calm and come up with a reasonable counter offer that offers some sort of compromise – even if it’s only slight. This is where experience comes in. While your friends or parents might think they’ve got all the experience in the world, what you really need is a trustworthy and professional estate agent.

The expertise of an estate agent is particularly useful in situations like this. With experience of these kinds of offers combined with market knowledge, they can weigh up the best course of action – whether you should drop your price considerably, meet in the middle, or offer a minimal compromise. Sometimes there might even be benefits to accepting the low ball offer. Is this buyer in a position to complete the move quickly? Maybe they aren’t part of a chain?

Can we help?

At Weale and Hitchen, we’ve been selling homes successfully for over 25 years. Established in 1990, we’re a team of highly skilled professionals with impeccable knowledge of the local market. Our step by step sales process takes the stress out of selling and ensures you find the right buyer at the right price.

If you want to talk about selling your home, pop into one of our local offices in Bury, Holcombe Brook, Harwood, Ramsbottom or Rawtenstall. Alternatively, you can fill in our online enquiry form and we’ll get back to you soon.

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