BOULDER, CO, Dec 11, 2016—Your house is probably precious to you. You have years of fond memories, and hours of sweat equity poured into the place. So when a low ball offer rolls in from a buyer, it's understandable to be irked.
However, notes Phil Boren, Broker Associate of RE/MAX of Boulder, Inc., it's important not to lash out or act rashly. A low ball offer can sometimes turn into a healthy negotiation and a happy sale, if you play your cards right.
“First, let your agent know if the offer is too low to warrant a counteroffer and that you are willing to negotiate but only once a more reasonable offer is made,” says Boren. Next, ask the agent if the buyer was shown comparable market values of similar homes that have recently sold in your area. Ask if the buyer is properly qualified.
If the buyer was not qualified or is uninterested in making a higher offer, let them go, and try not to let your feathers get too ruffled in the process. The right buyer will come along. However, if the buyer is qualified and makes a higher offer, it's time to negotiate.
“Be patient, know your home’s worth, adopt a positive attitude, and do not let emotions – anger, pride, greed, or prejudice – get in the way of negotiating the best deal,” says Boren.
Your home obviously means a lot to you, but you have already made the decision to move on, so begin to think of your home as “the house” or “the condo,” instead of “my home.”
“When reasonable offers come along, take them seriously,” explains Boren. “You can always counter any offer made by the buyer that comes near your asking price. Do not spoil a good deal over a few hundred dollars.”
For more real estate information, please contact RE/MAX of Boulder, Inc. at firstname.lastname@example.org, 303-441-5647, or RE/MAX of Boulder, Inc..
Phil Boren is a 26-year veteran real estate Broker and Realtor, specializing in consulting with buyers and sellers in Boulder, CO and along the Front Range of Northern Colorado. Held Real Estate Broker's license in Texas, California and Colorado; Managing Broker for over 200 agents and Brokers for Century 21 and RE/MAX franchises. Award-winning Realtor with experience in management, sales, marketing, relocation, appraisal, REO, BPO's, foreclosures, short sales; previously held the MAI designation from the Appraisal Institute. Experienced in both residential and commercial real estate and achieved the No. 14 individual ranking in the 5-state, Mt. States Region for RE/MAX International in 2001, based on sales volume. Received my BSBA in Finance and Real Estate from the University of Arkansas in Fayetteville, where he was a 4-year starter and 4-year football letterman for Hall-of-Fame coach, Lou Holtz.