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You respond like it is a normal offer and counteroffer like you would. You come down off of list price slightly if that is what you would do with a non-lowball, non-full price offer.
There are some people that just need to throw out the lowball to see if you are desperate to take it and then engage in normal negotiations once you counter back that you aren't. Number 4 is an immature response, in my opinion.
Exactly this.
A low-ball offer is not a reflection on your housekeeping, decor, or value as a person. No reason to be insulted or nasty. Just respond professionally and stick to what you want.
I was, as you know, a lowballer, too. Only my opinion of value was/is a lot closer to market than the sellers and my offer was pretty close to market. Their counter was silly so I didn't counter. I am assuming OP knows the market as he says he does.
A low-ball offer is not a reflection on your housekeeping, decor, or value as a person. No reason to be insulted or nasty. Just respond professionally and stick to what you want.
Assuming the list price is within reason compared to other properties recently sold, an offer 40% from list isn't a serious offer, and 99.999999% of the time an offer like that is a waste of time to even reply. I think that's why "no reply" is winning the poll.
Assuming the list price is within reason compared to other properties recently sold, an offer 40% from list isn't a serious offer, and 99.999999% of the time an offer like that is a waste of time to even reply. I think that's why "no reply" is winning the poll.
How long does it take to tell your realtor "thanks but no thanks."? Not sure where this huge time sink is coming from.
Look I get it. You want more for your property. Fine. We have bought and sold dozens of places.Whem you deal with that sort of volume as an investor, you lose the emotional reaction to low ball offers. Being professional and polite doesn't take long. Sometimes the low ball is to feel out how the seller reacts and a real deal can be made in short order. If you freak out or behave as some of the responses here suggest, you are getting in your own way. Refusing to respond is rude. It took more time to write this low ball, no matter how you feel about it, than it will for you to tell your realtor to politely decline. Let your agent do the legwork.
How long does it take to tell your realtor "thanks but no thanks."? Not sure where this huge time sink is coming from.
Look I get it. You want more for your property. Fine. We have bought and sold dozens of places.Whem you deal with that sort of volume as an investor, you lose the emotional reaction to low ball offers. Being professional and polite doesn't take long. Sometimes the low ball is to feel out how the seller reacts and a real deal can be made in short order. If you freak out or behave as some of the responses here suggest, you are getting in your own way. Refusing to respond is rude. It took more time to write this low ball, no matter how you feel about it, than it will for you to tell your realtor to politely decline. Let your agent do the legwork.
"No response" IS a response. It sends a message from seller: "don't play games or waste my time."
"No response" IS a response. It sends a message from seller: "don't play games or waste my time."
WOW, so much posturing on this thread!
It's good, in a way. If most people act this way in the face of an offer they don't like, it makes my job as an investor a lot easier. All I have to do is behave professionally and respond to whatever comes across the table,. and I'll be head and shoulders above the rest.
I would not respond at all. If the agent or broker followed up, I would tell them that was a ridiculous offer and if they wanted to submit a legitimate offer to please do so. Of course, if you are an agent representing someone, you must PRESENT the offer to them - but the seller gets to decide how to respond (or not).
This is true. The agent must present all offers no matter how low.
But if I weren't going through an agent, I'd refuse to respond to a ridiculously low, lowball offer. I would not dignify it with a response.
It would be funny to counter higher than listing. Then the buyer counter back lower than previous offer price and it kept going from there. Too fun!
My friend got a FULL PRICE offer quickly and, panicked that she had underpriced, wanted to counter the FULL LIST PRICE offer with a higher price. Seller having a price war with buyer.....some fun there. Well, she was talked out of trying that and accepted the full price offer. That deal fell through and she ultimately ended up selling slightly under her asking price.
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