Sellers: How do you handle low-ball offers?

DH and I were considering selling our apartment when someone posted an ad in our building that they were looking to buy a 2 bedroom in our building on a high floor (exactly what we have!).

The potential buyer has come to our apartment twice and made an offer, however, it was a complete low ball offer. She also quoted a "comp" that was completely off the mark - I don't know where she got it from.

Now, we know she is very serious about buying in our building and there are a limited number of apartments that fit her criteria. Plus, she does not want to deal with a broker.

We have not "officially" put our apartment on the market and we are in no rush to move.

What do you think we should do? Should we make a counter-offer? Or, do we not make one and tell her that she needs to come up higher? Do we try to put some pressure on her by officially putting it on the market, i.e. place it in the NY Times real estate?

Ultimately, I think the price she is willing to pay and the price we are willing to sell are not that far off.

I'm so confused and not sure what to do! Thanks in advance!!!!

Re: Sellers: How do you handle low-ball offers?

You might want to take into consideration that if you list with an agent you will be paying commission so you could keep that in mind with what you want to accept in an offer. I would counter and see where it goes. Remember to check for down payment and pre qual. for a mortgage.

Re: Sellers: How do you handle low-ball offers?

I would counter. When we sold it our first offer was something like $40K less than asking price and I was so annoyed with the offer because our house was in mint condition and a fair price. We turned them down and received another offer from another bidder. That ended up falling through and we went back to the orginal bidder. In the end we met halfway.

HTH

Re: Sellers: How do you handle low-ball offers?

If it really was an embarassing lowball offer, I would simply thank them for their offer but say that you can't sell it for that low.

Also let them know you plan on listing the house.

Put the ball in the buyer's court. If the buyer asks "well what can you do on the price", then take 2-5% off.

Re: Sellers: How do you handle low-ball offers?

We received a very lowball bid offer on our condo. We went back to the buyer to counter, but her mortgage commitment letter stopped her from going any higher, unfortunately.

After trying for 6 weeks to do FSBO, we listed with an agent last night. You definitely need to take into consideration that you don't have to pay a commission if you go FSBO, which can be a significant savings. For us, the breakeven point was around $345 w/an agent, versus $330k FSBO.