Unless you live in an neighborhood that’s getting multiple offers on almost every house, the odds are that you may experience a low ball offer while your home is for sale.
Our advice? Don’t take it personally.
What makes a buyer write low offers?
It could be any number of things, but here are some of the most common reasons we’ve seen over the years.
The buyers can’t afford more than they are offering. There are a lot of buyers that take the tact “nothing ventured, nothing gained”. And they are right. I’ve seen home owners agree to sell at a price substantially less than their listing price, simply because their circumstances meant they needed a quick sale. You can’t fault a buyer for throwing something at the wall to see if it sticks.
The buyers watch too much HGTV and haven’t figured out that reality TV is not actually….reality.
Their brother’s cousin’s sister-in-law that used to be an agent in Detroit told them to never write a full price offer. Maybe in another market that’s the case, but in New Orleans real estate, this could be some really bad advice depending on the area.
Your home is overpriced for the neighborhood. Hey, it’s possible. Is your price based on recent comparable sales or is it based on how much you need to purchase your next home? If it’s the latter, don’t be surprised if buyers are on a different page and you get more than one “low” offer.
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