The Insulting Lowball Offer
A lowball offer is one that insults a reasonable person and is so far below market value that it is outrageous.
A buyer that makes a lowball offer is usually unmotivated to make a purchase and is only looking for a “deal”. They often try to take advantage, especially, if they think the seller is desperate or that the property is extremely overpriced.
Real buyers know the difference between leaving some negotiating room and a preposterous offer. Buyers who lowball a well priced property destroy any chance of negotiating or developing trust with the seller.
If you receive a lowball, insulting offer, you can handle it a few different ways. Put on your game face and don’t let your rage get the best of you.
1. Back at You: Counter the lowball offer at full price.
2. Nip It: Thank you for your offer, but No Thanks.
3. Get Real: I’m so happy you like my home, but make an offer I can work with.
4. Give a Dog a Bone: Counter with a small price reduction and “We are open to negotiate with you, when you get closer.”
5. Slap Back: Counterback at full price and ask for a letter of prequalification.