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Fielding a Lowball Purchase Offer on Your Home

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Consider before you ignore or outright refuse a very low purchase offer for your home. A counteroffer and negotiation could turn that low purchase offer into a sale.

You just received a purchase offer from someone who wants to buy your home. You’re excited and relieved, until you realize the purchase offer is much lower than your asking price. How should you respond? Set aside your emotions, focus on the facts, and prepare a counteroffer that keeps the buyers involved in the deal.

Check your emotions.

A purchase offer, even a very low one, means someone wants to purchase your home. Unless the offer is laughably low, it deserves a cordial response, whether thatís a counteroffer or an outright rejection. Remain calm and discuss with your real estate agent the many ways you can respond to a lowball purchase offer.

Counter the purchase offer.

Unless you’ve received multiple purchase offers, the best response is to counter the low offer with a price and terms you’re willing to accept. Some buyers make a low offer because they think that’s customary, theyíre afraid theyíll overpay, or they want to test your limits.

A counteroffer signals that you’re willing to negotiate. One strategy for your counteroffer is to lower your price, but remove any concessions such as seller assistance with closing costs, or features such as kitchen appliances that youíd like to take with you.

Consider the terms.

Price is paramount for most buyers and sellers, but it’s not the only deal point. A low purchase offer might make sense if the contingencies are reasonable, the closing date meets your needs, and the buyer is preapproved for a mortgage. Consider what terms you might change in a counteroffer to make the deal work.

Review your comps.

Ask your real estate agent whether any homes that are comparable to yours (known as “comps”) have been sold or put on the market since your home was listed for sale. If those new comps are at lower prices, you might have to lower your price to match them if you want to sell.

Consider the buyer’s comps.

Buyers sometimes attach comps to a low offer to try to convince the seller to accept a lower purchase offer. Take a look at those comps. Are the homes similar to yours? If so, your asking price might be unrealistic. If not, you might want to include in your counteroffer information about those homes and your own comps that justify your asking price.

If the buyers don’t include comps to justify their low purchase offer, have your real estate agent ask the buyers’ agent for those comps.

Get the agents together.

If the purchase offer is too low to counter, but you donít have a better option, ask your real estate agent to call the buyer’s agent and try to narrow the price gap so that a counteroffer would make sense. Also, ask your real estate agent whether the buyer (or buyer’s agent) has a reputation for lowball purchase offers. If thatís the case, you might feel freer to reject the offer.

Don’t signal desperation.

Buyers are sensitive to signs that a seller may be receptive to a low purchase offer. If your home is vacant or your home’s listing describes you as a “motivated” seller, you’re signaling you’re open to a low offer.

If you can remedy the situation, maybe by renting furniture or asking your agent not to mention in your home listing that you’re motivated, the next purchase offer you get might be more to your liking.

By: Marcie Geffner / Houselogic

The Rolling Hills Estates Summer 2016 Market Report

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Read our Summer 2016 Real Estate Market Report for Rolling Hills Estates

The Rolling Hills 2016 Summer Market Report

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Read our Summer 2016 Real Estate Market Report for Rolling Hills 

Peaceful Privacy in Rolling Hills

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Gorgeous single level home with spectacular city, mountain and canyon views, situated on 3.7 acres in the private, gated City of Rolling Hills. This home is turnkey ready. Split floor plan includes 6 bedrooms, beautiful kitchen, 3 updated bathrooms and features a great room with panoramic views. Gourmet kitchen features top quality stainless appliances and granite counters. The large lot includes the building pad plus several plateaus and runs “canyon to canyon,” ready for horses, orchards or your own vineyard.

Direct trail access is perfect for hiking and horseback riding. The 24 hour attended gates provide privacy and limited access. This home is located in the Palos Verdes Unified School District which is nationally recognized for excellence. Freeway access is 10 minutes away but the quiet rural atmosphere is unmatched in the South Bay/Los Angeles area.

Listing Price: $2,950,000   $2,550,000

5 Buckboard Trail, Rolling Hills CA 90274 – Comfort, privacy and peacefulness in abundance.

FEATURES LIST

  • 6 bedrooms
  • 3 baths
  • 2,939 sq. ft. (assessor)
  • Premium stainless steel appliances
  • Extensive use of granite, hardwoord and ceramic tile
  • Built 1963
  • 2 car detached garage
  • Serenity and privacy
  • Premiere address in equestrian, gated city
  • Barn
  • Terraced grounds
  • Lot: approximately 3.7 acres
  • Direct access to 60 miles of hiking and equestrian trails

This home is shown by appointment only. Please call Leslie Stetson at 310.936.1283 or Clint Patterson at 310.426.8811 to arrange a showing.

MLS# PV16126297

For more photos and information about this beautiful home, visit our property site.

Imagine… Enjoying your coffee Saturday mornings with this view

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You wake up to the smell of fresh-brewed coffee. You push out the double doors and are taken again by the breathtaking  view of the Pacific Ocean, hills and cliffs.  You sit down, sip your coffee and feel the warmth of the southern California sun on your face.

This is living in Rolling Hills, California on the Palos Verdes Peninsula.  And at 6 Ringbit Road.

Call Clint Patterson at 310.426.8811 or Leslie Stetson at 310.936.1283 to learn more and have a private viewing of this exquisite, spacious 6 bedroom home.

Go to our property site for more photographs, and information about this Rolling Hills home on sale.

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