Monday, November 19

Negotiate the lower offers

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Often the seller may have to cut the price, to below the first offer, to get a sale

Most sellers would love an offer as close to their asking price as possible, and as soon as possible. But if they received a strong offer shortly after listing they will often develop misgivings, says Gerhard Kotzé, managing director of the RealNet estate agency group.

“In areas where there is strong demand and a shortage of homes for sale, it is not uncommon for a good agent to receive offers within a few days of a property being listed for sale – and sometimes even within a few hours.”

Some sellers, however, will feel their asking price was too low, or even withdraw their property from the market and relist it at a higher price. Kotzé says this tactic could see their property being overpriced compared to similar homes in the area.

Often the seller may have to cut the price, to below the first offer, to get a sale.

He attributes quick offers to increasing efficiency in the real estate marketplace, and says even quick first offers slightly below the asking price should not be rejected, but used as the starting point for negotiations.

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