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For Sellers – Lowball Offers – How to Avoid them and what to do if you get one

For Sellers – Lowball Offers and how to avoid them and what to do if you get one by Mike Stewart Dow By Mike Stewart
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If you’re selling a property in Vancouver right now there is a very good chance you have received or will receive a lowball offer. This video explains how to avoid a low ball offer and what to do if you receive one.

What is a lowball offer?

Have a look at my previously posted video on lowball offers

Why are lowball offers so common right now?

Real Estate prices in Vancouver are falling at present. Buyers are worried they will buy a property that will be worth less tomorrow than what they paid for it today. Lowball offers are common right now because it allows Buyers to get the best possible value and potentially get ahead of predicted declines in price.

How a can a Seller avoid getting a lowball offer?

DON’T overprice your property! If you want a good offer, you have to have a good fair price price based on market reality! A property that is priced according to market value will have a far less chance of getting lowballed. A Seller who prices their property were the market is at (not where it was 3-6 months ago!) will have more than one interested buyer and will have the market power to get a lowballer to come up or to wait for other interested buyers.

What should a Seller do if they get a lowball offer?

Don’t angry, get even with a good counter offer! A Seller should always give a counter offer to a lowball offer. Why do I say this? Because you as the Seller never know if the buyer is bluffing. If they are bluffing they are not serious and they will go away. If the Buyer isn’t bluffing there is a very good chance after some negotiation that they Buyer will accept a price that works for the Seller.

I’d love to hear your thoughts!

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This entry was posted on Tuesday, January 20th, 2009 at 4:03 pm and is filed under For Sellers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

3 Responses to “For Sellers – Lowball Offers – How to Avoid them and what to do if you get one”

  1. Caroline Thomas says:
    January 22, 2009 at 5:01 pm

    Good job! I like! Keep tha good work up!

  2. Thurston says:
    January 27, 2009 at 4:02 pm

    Mike,
    Do you expect a lot of investors selling their condos below presale prices at the W?

    Will there be opportunities there for lowball deals?

    Thurston.

  3. Mike Stewart says:
    January 27, 2009 at 4:12 pm

    Hi Thurston,

    Good to hear from you.

    Tough to say. If they want to sell in this market, they may have to…

    I think there will be huge opportunities for buyers to low ball at the W.

    Typically when new buildings complete and there have been a lot of investors who bought in at the pre-sale stage, there is a flood of these people trying to get their suites sold…

    I think there will be a lot of listings at The Woodwards Building upon competion and in a situation with a lot of supply a low balling buyer can leverage themselves a very good offer by getting the sellers to compete with one another to get an offer…

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