Rochester Real Estate | LOCAL Homes For Sale https://www.rochesterrealestateblog.com Rochester Real Estate | LOCAL Homes For Sale | Homes for sale in Rochester, NY, LOCAL Rochester real estate listings, market data, REALTOR® info, and high quality content updated every 15 minutes! Wed, 25 Jun 2025 11:50:30 +0000 hourly 1 https://wordpress.org/?v=6.7.2 https://www.rochesterrealestateblog.com/wp-content/uploads/2016/11/cropped-SITE-LOGO-512-x-512-1-32x32.png How To Handle Low Ball Offers In Real Estate – Rochester Real Estate | LOCAL Homes For Sale https://www.rochesterrealestateblog.com 32 32 June Home Maintenance Checklist: 40+ Must-Do Tasks to Prepare Your Home for Summer https://www.rochesterrealestateblog.com/june-home-maintenance-checklist-summer-prep/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20501 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> May Home Maintenance Checklist: 30 Essential Tasks to Prepare Your Home for Summer https://www.rochesterrealestateblog.com/may-home-maintenance-checklist/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20484 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> April Home Maintenance Checklist: How To Prepare Your Rochester NY Home For Spring https://www.rochesterrealestateblog.com/april-home-maintenance-checklist/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20364 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> March Home Maintenance Checklist: Get Your New York Home Ready for Spring https://www.rochesterrealestateblog.com/march-home-maintenance-checklist/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20338 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Buy a House in New York https://www.rochesterrealestateblog.com/buy-a-house-in-new-york/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19906 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Sell a House in New York https://www.rochesterrealestateblog.com/sell-a-house-in-new-york/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19905 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Risks of Buying a Non-Warrantable Condo In New York: What You Need to Know https://www.rochesterrealestateblog.com/non-warrantable-condo/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19796 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Builders Should Know About Spec Construction Loans In New York https://www.rochesterrealestateblog.com/builders-spec-construction-loans/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19795 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Moving To The Finger Lakes Region Of New York | Guide To Relocating To The Finger Lakes https://www.rochesterrealestateblog.com/moving-to-the-finger-lakes-region/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19875 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Navigating the Numbers: The Pros and Cons of Using Online Home Value Estimators For New York Real Estate https://www.rochesterrealestateblog.com/pros-cons-online-home-value-estimators/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19794 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Role of Location in Home Valuation In New York https://www.rochesterrealestateblog.com/role-of-location-home-valuation/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19768 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Lowe’s vs U-Haul: A Review of Truck Rental Companies https://www.rochesterrealestateblog.com/lowes-vs-uhaul/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19758 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Understanding the Importance of a Seller’s Property Condition Disclosure https://www.rochesterrealestateblog.com/property-condition-disclosure-statement/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19632 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What are Delayed Showings and Negotiations in Real Estate In New York? https://www.rochesterrealestateblog.com/delayed-showings-negotiations/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19547 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 8 Viable Tactics to Selling Your Home and Moving Out of State https://www.rochesterrealestateblog.com/selling-home-moving-out-of-state/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19542 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Unconventional Methods for Selling a House: Thinking Outside the Box https://www.rochesterrealestateblog.com/unconventional-methods-for-selling-a-house/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19519 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Should I Sell My House Off Market: Pros and Cons Explained https://www.rochesterrealestateblog.com/sell-house-off-market/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19503 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What is PITI and How Does It Affect Your Mortgage https://www.rochesterrealestateblog.com/what-is-piti/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19498 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How To Set A Home Renovation Budget https://www.rochesterrealestateblog.com/home-renovation-budget/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19490 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How Does A Co-Borrowers Credit Scores Affect A Home Purchase? https://www.rochesterrealestateblog.com/co-borrower-credit-score/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19474 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> New Construction Final Walk-Through Checklist: Ensuring a Seamless Home Inspection https://www.rochesterrealestateblog.com/new-construction-final-walk-through/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19458 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Essential Tips for Pumping a Septic Tank: What You Need to Know https://www.rochesterrealestateblog.com/pumping-a-septic-tank/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19450 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Can You Submit Multiple Offers On Homes At Once – A Legal And Ethical Analysis https://www.rochesterrealestateblog.com/multiple-offers-on-homes-at-once/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19414 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Get Your Home Photo Ready for Real Estate Listings https://www.rochesterrealestateblog.com/real-estate-photo-ready/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19409 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Does a Home Builder’s Warranty Cover? https://www.rochesterrealestateblog.com/home-builders-warranty/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19394 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> July 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/july-2023-rochester-ny-real-estate-market-update/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19403 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Who Pays Real Estate Commission When You Buy or Sell a Home https://www.rochesterrealestateblog.com/real-estate-commission/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19366 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Quitclaim Deeds: What You Need to Know https://www.rochesterrealestateblog.com/quitclaim-deeds/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19358 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What to Know About Selling a Home As Is for Cash https://www.rochesterrealestateblog.com/selling-home-as-is-cash/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19347 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Know if My House Has Paranormal Activity https://www.rochesterrealestateblog.com/is-my-house-haunted/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19342 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Why Find The History of a House https://www.rochesterrealestateblog.com/find-history-house/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19316 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> June 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/june-2023-rochester-ny-area-real-estate-market-update/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19313 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Does a Real Estate Lawyer Do? https://www.rochesterrealestateblog.com/real-estate-lawyer/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19181 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> May 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/may-2023-rochester-ny-area-real-estate-market-update/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19162 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What to Know About Buying a Home For The First Time https://www.rochesterrealestateblog.com/buying-home-first-time/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19058 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> <strong>What Should a Buyer Look For at a Home Inspection?</strong> https://www.rochesterrealestateblog.com/what-look-for-home-inspection/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18983 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Companies That Buy Houses For Cash Reviewed https://www.rochesterrealestateblog.com/companies-buy-houses-for-cash/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18889 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Does Home Staging Work and What is The Cost? https://www.rochesterrealestateblog.com/does-home-staging-work/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18814 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What to Avoid When Getting a Mortgage https://www.rochesterrealestateblog.com/avoid-when-getting-mortgage/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18797 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> <strong>5 Options For Replacing a Roof Reviewed</strong> https://www.rochesterrealestateblog.com/replacing-roof/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18771 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Are Restrictive Covenants in Real Estate? https://www.rochesterrealestateblog.com/restrictive-covenants/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18714 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Can The Court Force The Sale of Your House in Divorce? https://www.rochesterrealestateblog.com/court-force-sale-divorce/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18693 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Real Estate Agent vs. Broker: What&#8217;s The Difference? https://www.rochesterrealestateblog.com/real-estate-agent-vs-broker/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18650 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How To Determine Square Feet In Your House For More Accurate Property Estimates https://www.rochesterrealestateblog.com/determine-square-feet/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18167 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 3 Things That Often Results in a Real Estate Agent Getting Sued https://www.rochesterrealestateblog.com/real-estate-agent-sued/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18133 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Top 5 Types Of Home Inspections Buyers Should Consider https://www.rochesterrealestateblog.com/5-types-home-inspections/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18119 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Pros And Cons Of Rent To Own Homes: What You Need To Know https://www.rochesterrealestateblog.com/pros-cons-rent-own-homes/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18104 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 5 Smart Things To Do Before Moving That Will Help Ease Your Transition https://www.rochesterrealestateblog.com/things-before-moving/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18084 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Become a Real Estate Agent https://www.rochesterrealestateblog.com/become-real-estate-agent/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18071 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Renting A House Or An Apartment: Which Is The Better Option https://www.rochesterrealestateblog.com/renting-house-apartment/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17871 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The 5 Most Important Factors To Consider When Buying A House https://www.rochesterrealestateblog.com/5-factors-buying-house/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17851 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Buyers And Sellers Need To Know About An Appraisal Gap https://www.rochesterrealestateblog.com/appraisal-gap/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17827 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Pros And Cons Of Renting With Roommates – What You Need To Know https://www.rochesterrealestateblog.com/renting-with-roommates/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17794 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 6 Things You Should Know About Buying Land https://www.rochesterrealestateblog.com/things-know-buying-land/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17773 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How Long Should Home Sellers Wait To Respond To An Offer On Their Home? https://www.rochesterrealestateblog.com/home-sellers-wait-respond-offer/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17745 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How To Buy A House With A Low Credit Score https://www.rochesterrealestateblog.com/how-to-buy-a-house-with-a-low-credit-score/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16819 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Things To Consider When Shipping A Car https://www.rochesterrealestateblog.com/things-to-consider-when-shipping-a-car/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16248 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Home Depot Truck Rentals: What to Know Including Pricing https://www.rochesterrealestateblog.com/home-depot-truck-rentals-what-to-know-including-pricing/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16156 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 16 Things To Do Before Listing Your Home For Sale https://www.rochesterrealestateblog.com/16-things-to-do-before-listing-your-home-for-sale/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16138 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Biggest Home Inspection Mistakes to Avoid https://www.rochesterrealestateblog.com/biggest-home-inspection-mistakes-to-avoid/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16112 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How Your Credit Score Impacts Your Ability To Buy A House https://www.rochesterrealestateblog.com/how-credit-score-impacts-buying-house/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16086 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top Winter Home Selling Mistakes | 7 Errors Made While Selling A House During The Winter https://www.rochesterrealestateblog.com/top-winter-home-selling-mistakes/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16051 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top Winter Home Buying Mistakes | 11 Errors Made While Buying A House During The Winter https://www.rochesterrealestateblog.com/winter-home-buying-mistakes/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16013 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Address Change Form Should I Use At The Post Office? https://www.rochesterrealestateblog.com/address-change-form-post-office/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15981 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Does Contingent Status Mean in Real Estate? https://www.rochesterrealestateblog.com/what-does-contingent-status-mean-real-estate/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15956 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> DIY Renovation Ideas For Your Backyard https://www.rochesterrealestateblog.com/diy-renovation-ideas-backyard/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15937 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Rent Your First Apartment Guide https://www.rochesterrealestateblog.com/how-to-rent-an-apartment/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15931 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Tips For Selling A Home Virtually https://www.rochesterrealestateblog.com/tips-selling-a-home-virtually/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15907 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Complete Winter Storage Checklist For Your Belongings https://www.rochesterrealestateblog.com/winter-storage-checklist/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15885 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Should I Waive My Home Inspection When Buying A House? https://www.rochesterrealestateblog.com/should-i-waive-my-home-inspection/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15870 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Biggest Self Storage Companies Reviewed https://www.rochesterrealestateblog.com/biggest-self-storage-companies/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15836 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Earnest Money and House Deposits Explained https://www.rochesterrealestateblog.com/earnest-money-house-deposits-explained/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15760 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Moving Mistakes To Avoid https://www.rochesterrealestateblog.com/moving-mistakes-to-avoid/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15568 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top Mortgage Myths | Demystifying Common Home Loan Misconceptions https://www.rochesterrealestateblog.com/top-mortgage-myths/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15102 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> First-Time Home Buyer Mistakes to Avoid https://www.rochesterrealestateblog.com/first-time-home-buyer-mistakes/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=14815 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 10 Tips For Adding Appeal To Your Home This Summer https://www.rochesterrealestateblog.com/10-tips-adding-appeal-to-home-this-summer/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=14237 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Exploring The Merits of Smart Home Technology When Selling a Home https://www.rochesterrealestateblog.com/smart-home-technology-selling-a-home/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13782 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top Frequently Asked Questions From Home Sellers https://www.rochesterrealestateblog.com/top-frequently-asked-questions-home-sellers/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=2424 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> First Time Home Buyer Programs In Rochester NY &#8211; Updated January 2025 https://www.rochesterrealestateblog.com/first-time-home-buyer-programs/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock http://rochesterrealestateblog.com/?p=580 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How New Doors &#038; Windows Can Boost Your Home Value https://www.rochesterrealestateblog.com/how-new-doors-windows-boost-your-home-value/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13643 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top 5 Things To Know When Flipping Your First House https://www.rochesterrealestateblog.com/5-things-to-know-when-flipping-your-first-house/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13574 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Are The Best Mortgage Options for Self Employed Borrowers? https://www.rochesterrealestateblog.com/mortgage-options-for-self-employed-borrowers/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13450 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top 10 Best Places To See Christmas Lights In Rochester NY https://www.rochesterrealestateblog.com/top-10-best-places-see-christmas-lights-rochester-ny/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=10236 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Are The PROs And CONs Of Multifamily Homes? https://www.rochesterrealestateblog.com/what-are-the-pros-and-cons-of-multifamily-homes/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13219 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Low-Cost Home Improvements Should You Make Before Selling Your Home? https://www.rochesterrealestateblog.com/low-cost-home-improvements-you-should-make-before-selling-your-home/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13114 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 15 Things Millennial Home Buyers Look At While Buying A House https://www.rochesterrealestateblog.com/15-things-millennial-home-buyers-look-at-while-buying-a-house/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13028 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How Does A Fence Increase The Value Of Your Home https://www.rochesterrealestateblog.com/how-does-a-fence-increase-the-value-of-your-home/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12995 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 5 Simple &#038; Low Cost Fixes To Make Your Home More Appealing To Buyers https://www.rochesterrealestateblog.com/5-simple-and-low-cost-fixes-to-make-your-home-more-appealing-to-buyers/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12779 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How To Improve A Homes Curb Appeal In Rochester NY https://www.rochesterrealestateblog.com/how-to-improve-a-homes-curb-appeal-rochester-ny/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12665 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 7 Ways to Create an Energy-Efficient Home While Conserving Your Budget https://www.rochesterrealestateblog.com/7-ways-create-an-energy-efficient-home/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12633 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Hiring Movers Vs. Moving Yourself | The PROs &#038; CONs Of Each https://www.rochesterrealestateblog.com/hiring-movers-vs-moving-yourself/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12592 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Should You Pay Off Student Loans Before Purchasing a Home? https://www.rochesterrealestateblog.com/pay-off-student-loans-before-purchasing-a-home/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12531 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Should I Build A New Home Or Buy An Existing Home? https://www.rochesterrealestateblog.com/should-i-build-a-new-home-or-buy-an-existing-home/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=2497 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Buying A Condo Vs. Renting A Condo | What Are The PROs &#038; CONs? https://www.rochesterrealestateblog.com/buying-a-condo-vs-renting-a-condo/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12402 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 9 Money Saving Moving Tips | How To Cut Costs When Moving https://www.rochesterrealestateblog.com/9-money-saving-moving-tips/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12341 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Create a Proper Home Maintenance Checklist https://www.rochesterrealestateblog.com/how-to-create-a-proper-home-maintenance-checklist/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12300 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 5 Tips For Tenant Screening | How To Weed Out Bad Tenant Applicants https://www.rochesterrealestateblog.com/tips-for-tenant-screening/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12291 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Best Social Media Blogs For Real Estate From 2017 https://www.rochesterrealestateblog.com/best-social-media-blogs-2017/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12045 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Best Home Improvement Blogs From 2017 | Advice For Home Remodeling https://www.rochesterrealestateblog.com/best-home-improvement-blogs-2017/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12044 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Best Mortgage Blogs From 2017 | Advice For Home Financing https://www.rochesterrealestateblog.com/best-mortgage-blogs-2017/ Tue, 31 Mar 2015 11:00:36 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12043 How To Handle Low Ball Offers In Real Estate[/caption] Selling a home can, at times, come with frustration, confusion, and uncertainty.  One of the top challenges that is faced when selling a home is handling low ball offers.  Low ball offers can be extremely frustrating to home owners.  Home owners often have an amount they want to sell their home for and when they initially see an offer that is $20,000-$30,000 less, it obviously is frustrating. It's important to remember that every real estate transaction is not easily "put together."  There are often transactions that take several rounds of negotiations between a buyer and a seller.  It's frustrating to a seller when they are receiving no offers, so a low ball offer is better than no offer at all, right?  It's possible that if the proper steps are taken, a low ball offer can turn into an offer that is acceptable to all parties involved. If you're selling a home, before tearing up a low ball offer you've received on your home, here are some tips and considerations on how to handle low ball offers in real estate.  What Is A Low Ball Offer? This frequently asked question from home seller's cannot be answered with an answer that is always 100% going to be the answer.  The easiest way to define a low ball offer is a purchase offer from a potential home buyer that is low enough to insult the seller.  Some home seller's will consider an offer $5,000 below asking price a low ball offer while others will consider an offer $15,000 below asking price a low ball offer, it truly depends on the individual. Why Do Home Buyers Make Low Ball Offers? There are many reasons a home buyer will give why they've decided to make a low ball offer.  The most common reason why buyer's submit low ball offers is because they feel the home is not worth what it's listed for.  Sometimes this maybe true, other times it may not be true.  There are many resources available on the internet to home buyer's that provide home value estimates.  These online websites often provide home value estimates, or "Zestimates," that are actually very inaccurate. Other popular reasons why home buyer's make low ball offers include:
  • Justifying potential home repairs and improvements
  • Advice from their Buyer's agent
  • Advice from their family or friends
  • They are "testing the waters"
How To Handle Low Ball Offers In Real Estate Focus On The Goal - Selling Your Home The reason any home owner lists their home for sale is to sell their home.  It's extremely important to keep this in mind when handling a low ball offer in real estate.  Even though a low ball offer can be extremely frustrating, knowing that selling a home is a business decision can help a home owner focus on the goal, selling their home! [caption id="attachment_2572" align="alignright" width="450"]Controlling Emotions When Handling Low Ball Offers Is Critical! Controlling Emotions When Handling Low Ball Offers Is Critical![/caption] Control Your Emotions You've spent endless hours and dollars transforming your home into the home that you have loved and cared for, only to receive an insultingly low ball offer, frustrating right?  Often easier said than done, controlling your emotions when handling a low ball offer is extremely important.  In most cases, the party in a real estate transaction who gets upset and frustrated, ends up being the party who loses out. Recently while selling a home in Irondequoit, NY, the seller received what would be considered a low ball offer.  The seller was clearly frustrated with the offer when I first presented the offer.  Not only was the purchase offer price low, but the buyer was also requesting a significant amount of seller concessions towards their closing costs and prepaid items from the seller. I explained that the most important thing to remember when entertaining a low ball offer is that it's where the purchase offer ends up, not where it begins and to not let emotions get in the way of making a wise business decision.  After a handful of counter offers, the buyer and seller were able to agree to terms and all parties were pleased with the final outcome.  A low ball offer is a starting point. Always Remember, You're The Boss! A common pricing mistake in real estate that seller's make is pricing a home high to leave room for negotiations and hope to ultimately end up at a number much less than the list price.  Pricing a home high to leave room for negotiation is actually a bad idea.  It's common to hear a seller say, "If I list my home for that price, I will have to get close to the asking price."  Remember, you're the boss when selling a home.  Whether you receive a low ball offer or a strong offer, only you can make the decision whether to accept a purchase offer or not. Always Respond With A Counter Offer One of the biggest mistakes that seller's make in real estate is not responding to a low ball offer.  This is a huge NO NO!  When receiving a purchase offer, even if it's a low ball offer, you should always respond with a counter.  There are many reasons why you may receive a low ball offer on your home. Whether it's because the buyer feels your home is overpriced or because they believe that no purchase offers should ever be close to the asking price, always respond with a counter offer. There are couple different options that you have when countering a low ball offer.  One of the top negotiation strategies when responding to a low ball offer is countering the offer to your lowest and final price that you'd be willing to accept.  This can eliminate lots of back and forth between a buyer and yourself. Another popular negotiation strategy that seller's and their Realtors may utilize when responding to a low ball offer is countering the offer back to full price.  This can show a buyer that you are not looking to play "games" and that you are looking for serious offers, not insulting low ball offers.  It's important to understand, however, that countering a low ball offer back to full price can often deter a buyer from pursuing a home any further. Remember, if you happen to receive a low ball offer when selling a home, you should always respond with a counter offer. [caption id="attachment_2573" align="alignleft" width="450"]Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received! Review Recent Comparable Property Sale Prices When A Low Ball Offer Is Received![/caption] Review The Recent Comparable Property Sale Prices When preparing a comparative market analysis, the purpose is to ensure a property is priced competitively with current market values.  A comparative market analysis usually only has a "shelf-life" of a couple months, since the real estate market changes daily.  Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices.  The real estate market is constantly changing, prices go up and down, and it's possible that the price your home is listed at is no longer competitive in the market. If you happen to receive a low ball offer on your home, have your Realtor request from the buyer's Realtor a list of comparables they used to determine the purchase offer price.  It's possible the buyer's agent doesn't have a list of comparables or that they don't have experience in your local neighborhood.  It's strong suggested that buyer's ask when interviewing prospective Realtors if they have experience in the local area.  If an agent doesn't have experience in your local area, it's possible they are providing the buyer with "comparable" properties that truly aren't comparable at all. Look At All The Terms Of The Purchase Offer Price is certainly important when deciding whether or not to accept a purchase offer.  Low ball offers are one of the biggest reasons why buyer's purchase offers are rejected.  The thing to remember when handling low ball offers is the price is only one component of a purchase offer.  There are many often many contingencies and terms in a purchase offer.  It's important to weigh all of the terms before deciding to rip up a low ball offer. What terms should you consider, in addition to price, when reviewing a low ball offer?
  • Closing Date
  • Seller Concession Amount
  • Inspection Contingencies
  • Contingent Buyer or Non-Contingent Buyer?
  • Possession Date
  • Amount of Earnest Money Deposit
  • Type of Financing Buyer Will Be Obtaining
  • What Is The Buyer's Down Payment Percentage?
  • Amount of Bank Repairs
  • Personal Property Requested
As you can see, there are lots of terms and contingencies in a purchase offer that should be looked at.  Even though price is one of the most important terms of an offer, it is not the only term that you should consider. Rely On Your Realtor When selling a home, it's critical you choose a top Realtor to sell your home.  As a seller, you are likely responsible for paying the commissions, therefore you should expect your Realtor to know how to handle low ball offers.  It's important that your Realtor does not get upset and frustrated when receiving a low ball offer, because often these emotions will be passed onto yourself. Final Thoughts Remember when handling a low ball offer, selling a home is a business decision.  It's very important you take all emotions out of the home selling process.  If you allow emotions to get involved, it's likely you will end up frustrated and with your home not being sold. If you happen to receive a low ball offer, it's possible that the you could still end up with an acceptable offer when it's all said and done, if the proper steps are taken! Other Top Home Selling Resources If you're thinking of selling a home in Rochester, NY, the above tips on handling low ball offers may come in handy.  Hopefully when you sell your home, you will not receive any low ball offers, but it's important to be prepared.  If you're thinking of selling your home, contact me and I'd be happy to share my expertise, knowledge, and procedures on handling low ball offers.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Handle Low Ball Offers In Real Estate" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]>