Several buyers looked at your San Antonio home. Many people want to live that Stone Oak lifestyle. Finally, one decided to put in an offer on your property. Unfortunately, they offered much lower than your list price. Don't let emotions get the better of you. Think of this as the opening lob in your real estate tennis match. Get your head straight by pushing any hurt feelings aside and then start negotiating that low ball offer into one you and the buyer can both be happy about.
Negotiating a Low Ball Offer
Present a Counteroffer
Instead of saying "how dare you!", counter with "how about ($)?". You know you priced your home appropriately for the current San Antonio market. Counter back with a slightly lower number if you feel comfortable with that. Or, if you're confident that the list price is the right price, you could counter back with it. The choice is ultimately up to you. But consult your real estate agent first to find out what they think would be in your best interest.
Set an Expiration Date
One way to show the buyer that you mean business is to add an expiration date to your counter on their low ball offer. For example, you expect an answer within 24 to 48 hours or the counter comes off the table. This may prevent several "back-and-forth" counters between the buyer and seller.
Throw in Incentives
One way to bring the low ball offer up is to provide incentives. Throw in a prepaid home warranty for a year. Or offer to pay the first year of HOA dues. Pay points (reduces the interest rate) or a portion of the closing costs. This especially appeals to first-time homeowners or buyers strapped for cash. You may even want to throw in the brand new washer and dryer you recently bought or landscaping services for a year in exchange for a sale price closer to asking. Find what the buyer is most interested in and use it as an incentive for them to increase their offer.
Say No Thanks
If nothing else works or feels right to you, you can always say "no thanks" to that low ball offer. Don't counter. Don't offer incentives. Simply say no. This tends to be risky, but might it might result in the buyer coming back with a much better offer. Each scenario is different, though. So, definitely discuss this with your real estate agent before cutting a potential buyer off like that.
LUX Move Up* by Christine Aldrete Banks, CRS, SRS, RSPS