Received a lowball offer? Here’s how to handle it.

You’ve listed your home for sale, and the offers are starting to come in. Then, you get one that feels like a slap in the face—a lowball offer that’s far below your asking price. While it’s natural to feel frustrated, receiving a low offer doesn’t mean the deal is dead. In fact, it can be an opportunity to negotiate and move closer to your goals.

In Burbank’s competitive real estate market, handling lowball offers with strategy and composure can make all the difference. Here’s how to respond effectively and keep your home-selling journey on track.

1. Don’t Take It Personally
The first rule of handling lowball offers is not to take them personally. Buyers may submit a low offer for a variety of reasons:

• They might be testing the waters to see how flexible you are.
• They may lack understanding of your home’s true value.
• They could be working within a tight budget.

By staying calm and viewing the offer as a starting point, you can keep the lines of communication open and explore potential opportunities.

2. Understand the Buyer’s Motivation
Before rejecting a lowball offer outright, try to understand the buyer’s perspective.

• Are they serious about purchasing your home, or just fishing for a deal?
• Do they have financing in place, or is this a cash offer with quick closing potential?

Your Realtor can help you assess the buyer’s motivation and determine if there’s room for productive negotiation.

3. Counteroffer Strategically
A counteroffer is your chance to steer the negotiation back on track. Instead of rejecting the lowball offer outright:

• Respond with a number closer to your asking price to show you’re willing to negotiate.
• Highlight the value of your home, including recent upgrades, market trends, and comparable sales in the area.
• Keep the tone professional and collaborative to encourage further discussion.

A well-crafted counteroffer can signal to the buyer that you’re open to working with them while maintaining the integrity of your price.

4. Evaluate the Offer Holistically
Price is important, but it’s not the only factor to consider. Take a closer look at the entire offer:

• Contingencies: Are there any conditions that could complicate the sale, such as inspection or financing contingencies?
• Closing timeline: Does the buyer’s proposed timeline align with your needs?
• Down payment: A higher down payment may indicate a more committed buyer.

A low offer with favorable terms might still be worth considering if it aligns with your goals.

5. Know Your Bottom Line
Before you start negotiating, know the lowest price you’re willing to accept. Your bottom line should take into account:

• Your home’s market value.
• Selling costs, including commissions and closing fees.
• Your financial goals and plans for your next move.

Having a clear bottom line helps you negotiate confidently and avoid settling for less than you’re comfortable with.

6. Leverage Market Data to Strengthen Your Position
Your Realtor can provide data to justify your asking price and counter lowball offers. This includes:

• Comparative Market Analysis (CMA): Recent sales of similar homes in Burbank.
• Market trends: Insights into buyer demand and pricing in your area.
• Home features: Unique aspects of your property that add value.

Presenting this data can help buyers see why your price is fair and reasonable.

7. Stay Open to Negotiation

While it’s tempting to dismiss lowball offers, staying open to negotiation can lead to a deal. Remember:

• Buyers who submit low offers might still be willing to meet you halfway.
• A professional, collaborative approach keeps the conversation moving forward.

Your Realtor can guide you through the process, ensuring you get the best possible outcome while keeping the negotiation stress-free.

Conclusion

Lowball offers can be frustrating, but they’re not the end of the road. By staying calm, understanding the buyer’s motivation, and negotiating strategically, you can turn a low offer into a successful sale.

If you’re selling your home in Burbank and want expert guidance to navigate offers with confidence, contact Christian Perez, your trusted Burbank Real Estate Agent. Let’s work together to achieve your selling goals.