Your excitement on receiving a buyer offer can quickly turn into a disappointment when you see a number that’s thousands of dollars lower than your asking price. You might even feel insulted. It’s understandable. After all, you’re selling your beloved Dallas home. You have likely made a significant investment that you’ve poured your soul, time, and money into over the years.
And, it’s fair to expect a good return on it. Unfortunately, low-ball offers are common. Most real estate agents expect a few low-ball offers as part of the home selling process. The good news is that you don’t have to be offended or disappointed. There are several tips to turn around a poor offer to your advantage. Here is a step-by-step guide on how to react to low-ball offers and how to sell a Dallas home fast for the best price:
Step #1: Remain Calm and Keep Your Emotions at Bay
The first reaction you might be to get upset. However, you need to stay calm and avoid responding immediately. Engaging with the buyer who came up with the low-ball offer can help you analyze the situation and decide if something is wrong with your home or if the buyer isn’t serious.
There are several reasons for a low offer:
- Your home might be priced higher than other similar properties in Dallas
- It might require severe repairs and updates
- The market might be tilted in favor of the buyer
Understanding why you received a low-ball offer helps you rectify the situation. Sometimes, buyers who aren’t serious or have financial troubles provide a low-ball rate for no other reason. If that’s the case, it’s acceptable to pass on the offer.
Step #2: Reconsider Your Asking Price
If you receive multiple low-ball offers, you might need to reconsider your pricing model. Take a look at homes that have sold in your Dallas neighborhood. Check if you have priced your home on par with similar-sized properties near you. Alternatively, you can take some time to repair and renovate your home to get better offers. Buyers are likely to pay extra for homes in perfect condition and updated to keep up with the changing times.
Step #3: Make an Excellent Counteroffer
Sometimes buyers throw up a low-ball offer to test the waters and see how low you’re willing to go. You need to set the line and tell the buyer that you aren’t interested in the offer if it is below that line. You can also suggest a new price lower than your initial asking price but higher than the buyer’s offer. If the buyer is serious about your property, they’re likely to come up with a better offer.
Skip the Emotional Drama with a Cash Sale
If you don’t have the time or energy to handle multiple negotiations with buyers, choosing a cash sale is better. Cash home buyers in Dallas, TX inspect your property and provide you with a fair offer. There are no mind games and other dirty negotiation tactics at play. If you’re interested in the offer, you can accept it and complete the sale quickly and without any hassles!