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Why should we counter an offer that is over 100K less than our listing price?
Even if the initial offer is not to your liking it is an opportunity to start a conversation with someone who is interested in buying your house. I don't understand why you wouldn't counter. They are trying to buy the house at as low a price as possible. I am sure that their offer was not their final offer. Negotiations START with an offer. They don't end there.
If we countered less than the list price aren't we essentially giving them the option, under contract, to buy our house for less?
Are houses in your market selling for exactly list price? In most markets houses sell for an average percentage of list price. For example, when we put our house on the market we expected it to sell for $500K so we listed it at $525K to leave room for negotiation. You typically will not sell your house for exactly your list price.
I was going to suggest countering at $695 just to show them you're pretty firm on your price. If they are serious about buying it, they'll come back with a number, you can then go down to your absolutely bottom line number and see where that takes you. What's the worst that can happen? They won't take it. Don't let your pride get in the way of making a sale.
Buyers don't know what's going on inside sellers' heads and vice versa. That's why there's negotiation.
I was going to suggest countering at $695 just to show them you're pretty firm on your price. If they are serious about buying it, they'll come back with a number, you can then go down to your absolutely bottom line number and see where that takes you. What's the worst that can happen? They won't take it. Don't let your pride get in the way of making a sale.
Buyers don't know what's going on inside sellers' heads and vice versa. That's why there's negotiation.
Great minds do indeed think alike, as this was going to be my advice also!
If they want, they could even counter back AT their list price of $699,000 - this way buyers know they are firm on their price too! But to not counter at all does seem very strange to me.
In about three weeks time we had about eight showings. List price at 699K. We got three offers... 595, 630 and 650. We said no to all of them. The buyer who offered 650 just offered our list price....
Morale of the story..... you CAN get your list price if you know it is a fair price. You don't have to counter low ball offers.
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