Q: With interest rates at their lowest levels in decades and a huge choice of inventory at the moment, quite a number of home buyers and investors are making really low offers to purchase in the hope of picking up property bargains. How should I, as a seller, deal with low offers?
Rather than taking offence and immediately rejecting these offers, sellers need to take a deep breath, recognize that they are (in most cases) only intended as opening bids in a negotiation, and get ready to make counter-offers as that negotiation proceeds.
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Sellers should take the view that even a low offer is better than a total lack of interest because it has the potential to lead to a satisfactory outcome – if handled correctly by a qualified agent with excellent negotiating skills. And of course, they always retain the right to accept or reject any offer at any stage before the sale agreement is signed. – Berry Everitt, chief executive of the Chas Everitt International Property Group