How to handle a low offer

by Laurel Grandle, REALTOR

As a LISTING AGENT, it's my job to get the most money, best conditions for my owners.  Owners vary in their priorities:  Some value a quick sale over price, but they all want as much as they can get for their property.

When a low offer comes in, it must be presented to the owners in a timely manner; that's state statute.  Many agents will look at the low offer with distain and present it accordingly to the seller.  It's time to check that attitude at the door!

Think of all the folks who looked at the property and made NO offer on it...if you or the seller wants to get angry at someone, get mad at them...they totally rejected the home!

Instead, sincerely thank the other agent for the offer.  They took the time to show it and write up the offer.  They are vested in the outcome and so are the buyers.  Treat it with the respect it deserves.

Explain to the sellers...it may not be what they had hoped for, but many homes languish on the market with NO offers at all.  We have a place to start.  I try to get the offer down to one issue:  Can the seller accept the closing date?  Are the contingencies agreeable?  If we can find SOME things to agree on, it's better than countering ALL the points of the offer.  The buyers will feel they are at least getting some of what they wanted.

The final item we usually disagree over is MONEY.  Buyers want to pay less; Sellers want to net more.  It seems it's always like that.  This is a market of compromise...and it's a buyer's market.  Seller's can flat turn down an offer, it is their right, but the buyers have a huge inventory of choices and can move right on to the next property.  Sellers should consider ANY offer and try to find a way to make it work...offering to pay closing, leaving refrigerator, washer, dryer, may sweeten the pot enough that a buyer will agree to a higher price than they initially offered.

The REALTOR's job is to negotiate this.  In this area of East Tennessee, one REALTOR typically represents the seller and another typically represents the buyer, but it need not be adversarial.  It should be entered into with mutual objectives of making the deal work for all parties.  After all, NO ONE GETS PAID IF WE DON'T GET TO CLOSING!  This does NOT mean that the REALTOR doesn't have a fiduciary responsibility to their party, it means that they assist the buyer and seller to come together, for the mutual benefit of all.  And it starts with a sincere "thank you" from agent to agent!

Thinking of moving? Call Laurel today! She can help you with every aspect of your relocation: 865 389 2551 or her office: 865 690 4300.

visit her web site: http://www.LaurelGrandle.com. You can begin the search for your perfect home right there!

Laurel Grandle sells homes throughout the East TN Area, including Knoxville, Karns, Farragut, Halls, Powell, Loudon County, Knox County. She specializes in Lake homes, Luxury homes, Historic homes, New Constructionand is an expert at matching buyers with the right house, regardless of the area or price range, she has over 25 years of experience and has helped thousands of clients with their real estate needs.

Here is what some of her clients have said about her recently, “Laurel has an unlimited amount of patience. My family has very specific needs and she understood them and worked with us until we found the perfect home at the right price. I don’t think anyone else would have done that for us and we’ll always be thankful we found her and worked with her. She’s wonderful!” Margo

“Laurel has accommodated us on many occasions very quickly, as our schedules change all the time. She was always understanding of the time and date changes and she helped us find a great house.” Williams

“Thank you! It's wonderful having you as our agent and we both think you're a terrific person. Bob was right when he said we'd love you.” Joe

“Laurel really knows the area and the market. She didn’t waste any time…she showed us what we ask for in the location we wanted and made the whole move a very good experience for our family”. Robert

“Before we wrote an offer, Laurel did a detailed market analysis for us and discussed it with us so we understood what a fair price would be. She went over the entire contract in detail and clarified everything for us. We purchased with confidence and we’d never use anyone else IF we ever decide to sell!” Anne

Exit Realty Knoxville (each office independently owned and operated) is your number one resource for all your real estate needs, including listing, sales, referrals; our EXIT agents are committed to serving you—put us to work for you: 865 389 2551