We all have feelings, and those feelings can be strong when you sell your Albuquerque home. But you shouldn’t let those feelings get in the way of making a good deal.
You’ve no doubt invested a lot of time and money in your home, and that can cloud your judgement. You can assume that buyers will feel the same way about your home as you do. That’s not usually how it works, so there’s going to be times when you get an offer for your home that’s far lower than you expected.
What do you do when that happens? Walk away, or stop and weigh your options?
Here are some points to consider before you decide:
Are they really low-balling you?
In reality, a low-ball offer is at least 20% below the list price.
So as an example, an offer of $80,000 on a $100,000 home will be more quickly dismissed than a $1.6 million offer on a $2 million home.
Should You Immediately Reject a Low-Ball Bid?
Reject any drama that a low-ball bid may create. Think about the above rule of 20%. If the offer is far below that, then that may be an issue. Your agent can help you keep your perspective and decide if the offer is valid.
As with any negotiation, you should counter the offer. This will show the buyer you want to work with them. You then have a better chance of coming up with an offer that satisfies both parties.
And you’ll never have a chance of getting to that final number if you allow your emotions to cloud your judgment.
Is Your Price Too High?
Are you getting too many low bids? It may be that you’ve set the price too high for the local Albuquerque real estate market.
Our experienced agents will help you set a price based on how much similar homes have sold in in your neighborhood. The best price you can set for you home is one that is step with those sales, known as comps. You need to be willing to adjust your price if not enough buyers are willing to pay that much.
What Do You Really Need?
There are a number of potential deal sweeteners that a potential buyer could provide that may make a low offer more appealing. These include:
- A preferred closing date
- A solid mortgage pre-approval letter from the buyer (not just a pre-qualification)
- A larger down payment
- Fewer inspection contingencies
- Will you look too desperate?
Don’t worry about how your willingness to entertain a low-ball offer is perceived. What matters most is the result.
Make sure to join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Contact us today to help you buy or sell your next home in Albuquerque.
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