The ongoing buyer’s market is seeing many buyers making extremely low offers in the hope of picking up property bargains.
With this in mind, sellers should prepare to make counter-offers as part of the negotiation process, says Berry Everitt, chief executive of the Chas Everitt International property group.
“Even a low offer is better than a total lack of interest because it has a potential to lead to a satisfactory outcome…” He says it is important to recognise that serious buyers will have a very good grasp of current trends, of what constitutes good value for money and of selling prices, rather than asking prices, in the areas they prefer.
However, buyers do not know the difference between the advertised price and the price that particular sellers will accept.
“And, in an attempt to discover that number, the negotiating style of some of them will be to start with a really low offer – which they actually don’t expect will be accepted – and work their way up.”