How to deal with a low ball offer
Your first instinct may be to dismiss the offer but my advice is to work every offer you receive, especially in a balanced or down market. When the market slows, buyers can evaporate so try hard to negotiate that offer up to where you want it to be.
In the past, I’ve suggested that my client counter with a price that’s slightly lower than list. If the buyer comes back with a new offer that’s substantially higher than the original, you may be able to make a deal. However, if you get another low-ball offer, it’s likely the buyer is wasting your time.
But if all you’re getting are low ball offers, buyers might be trying to tell you something. Ask your Realtor to review recent comparables - if the market has shifted since you listed, you may need to consider dropping your price.
Tony Browton - TrueBlueRealty.ca
Personal Real Estate Corporation
Re/Max City Realty (Gibsons)
Toll Free: 1-800-986-2670
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