Do not take it personally. As stated previously, put your emotions aside. Always make a counteroffer and wait to see the results. Successful negotiations can turn the low-ball proposal offers into closing. Even a ridiculously low purchase offer should be countered. Remember that an offer is not the buyer’s final price, it is a gambit toward that goal. Buyers often begin the transaction well below what they are really thinking of paying. They think, who knows — are there unseen factors that will result in a low offer being accepted. For example, in one case a husband was ordered to sell the marital residence in which he had been living and expected to retain after the divorce. He took the first offer received, although $20,000 under the $300,000 asking price, out of spite. Buyers fear they will wind up paying more than they had to if they make a reasonable offer first. Be enthused with any offer, low or not. The fact that you receive a few offers means buyers are interested in your property. Reasonable counteroffers given in response to low offers show the buyers that you are willing to negotiate with the sale. While making a counteroffer, you may consider lowering your listing price, but attempt to negotiate buyer’s concessions also. A low offer may be the right offer provided the contingencies meet seller’s needs, for instance, if the closing date is favorable and the buyer is pre-approved for a mortgage. Poor offers are an indication that you need to work with your comps once again, or sit down with your real estate agent. If the new comps’ suggested price is lower than yours, you need to rethink the price. If there are more recent sales in your area, they are worth exploring with a keen eye and an expert’s understanding.
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