How Should You Handle a Low Offer?

Tulsa, OK Real Estate Podcast with Jennie Wolek and The Wolek Group

When you encounter an offer that is lower than asking price, it’s common to negotiate. Do not take the low offer personally.

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Today, I’m going to give my two cents on a topic that keeps coming up in our business. I know if you’ve watched my videos in the past, I say the same things over and over again. That just because we sell lots and lots of houses and we get to help lots and lots of people. We have a lot of experience with this. I am still primarily the listing agent for our team, so I mostly work with sellers. I receive offers from agents that are working with buyers, and so many times these offers come in lower than the listing price, and sometimes with other concessions built in, such as closing costs and warranties. I will admit that sometimes, I’m a little shocked at some of the offers we get. Then I remember that in a buyer’s mind, they are doing the best that they can for their family. Of course they want to make a lower offer, because they feel like it’s their job to negotiate. Well, as an agent, that’s also part of our job: to best prepare our clients and to explain the market to them. When we receive these lower offers or offers that have different contingencies built in, it’s our job to settle the client (the seller) and explain to them that these are expected—low offers like these are the norm.

I will admit that sometimes, I’m a little shocked at some of the offers we get.

I’ll admit it: I forget that you guys don’t do this every day like I do. I do need to slow down and understand where you’re coming from, because as a seller, you are working to get your best deal and to put the most money in your pocket. That is my goal for you, too. However, I do know that I’m studying the market all the time and monitoring the average list-to-sales price of the MLS, how we can put the most money in your pocket and at the same time, get your home sold. An offer early on may be a little lower than you were planning on, and yet, if it doesn’t sell, how much longer will you have it? Remember that the process of selling is a negotiation. Please do not ever reject an offer; you have to do a little bit of negotiating to show that you want to sell your house. The buyer is working to get their best number, and you’re working to get your best number, so sometimes you have to get together in the middle somewhere. That’s our goal: to get you the most money, and for the buyers to get the best deal. At the same time, we have to work together to achieve your real estate dreams. Let me know if this was helpful to you, and if you have any questions, give me call! I'd love to speak with you.