Dealing with Lowball Offers as a Lakewood Ranch Home Seller

by Adam Miller

Dealing with Lowball Offers as a Lakewood Ranch Home Seller

As a home seller in the popular master-planned community of Lakewood Ranch, you’ve likely put a lot of time, effort, and money into preparing your home for sale. You’ve staged your home, made repairs and upgrades, and priced your home competitively based on comparable sales and advice from your real estate agent.

After weeks or months on the market, you finally receive an offer! However, excitement quickly turns to disappointment when you realize the buyer has submitted an offer significantly below your asking price.

What is a lowball offer?

A lowball offer is when a buyer makes an offer that is well below the listing price of the home. For example, if your home is listed for $500,000, a lowball offer may be $400,000 or less.

Buyers make low offers for several reasons:

- They are hoping to get a great deal and save money

- They think the seller may be motivated to sell quickly

- They want to start negotiations at the lowest possible price

Whatever the reason, receiving a lowball offer can be frustrating as a seller. Here's how to handle these offers strategically when selling your Lakewood Ranch home.

Don't Take it Personally

The first step is to avoid taking a low offer personally. This is just part of the negotiation process. Remind yourself that the buyer is trying to get the best deal possible - just as you are as the seller. Their offer is not a reflection on you or the quality of your home.

Take the emotion out of the equation and look at the offer objectively. Evaluate whether it makes good business sense for you and your situation.

Consider Your Motivation

Before officially responding, think carefully about your motivation as a seller.

- Are you in a hurry to sell your home for personal reasons like a job relocation?

- Do you need the cash from the sale for a new home purchase or other plans?

- Are you receiving other offers on the home?

If you don’t have any urgency to sell quickly, you likely have more flexibility to negotiate and wait for a better offer. If your timeframe is tight or you have few other prospects, the lowball offer may be worth considering.

Consult Your Lakewood Ranch Real Estate Agents (that would be us)

Your 941 Lifestyle Group real estate agent has the expertise to provide objective guidance. We can analyze the offer compared to the current market and recent sales in your neighborhood.

We may recommend countering at a higher price that better aligns with the home’s value. Alternatively, we may advise accepting if the offer is reasonable given market conditions or your personal situation.

Leverage our knowledge of the Lakewood Ranch real estate market so you can make an informed decision.

Make a Counteroffer

Rather than rejecting the offer outright, consider making a counteroffer. Having a back-and-forth negotiation shows the buyer you are willing to work with them, even if their initial offer was too low.

When countering, respond professionally with facts and data. Explain how you arrived at your counter price, such as:

- Recent comparable sales in your neighborhood

- The amount of price reductions or concessions you’ve already made

- Upgrades and improvements made to the home

Avoid emotional language or negative comments, which could derail productive negotiations.

Stand Firm in Certain Situations

In some cases, the buyer’s offer may be so low that countering doesn’t make sense. For example, if they offer $300,000 on a home priced at $500,000, countering at $450,000 probably won’t lead anywhere.

If you feel the offer is highly unrealistic, it is reasonable to reject it politely, explaining why the amount is too low. However, you can leave the door open to future negotiations if they come back with a more reasonable number.

Don’t Make Concessions Too Earl

Some buyers will submit very low offers hoping to start negotiations with a lot of room. As the seller, avoid making major concessions too quickly.

For example, if you list at $500,000 and they offer $400,000, countering at $475,000 right away leaves little room for negotiation. You lose power.

Make smaller, incremental concessions to find a middle ground price that satisfies both parties.

Be Ready to Walk Away

The best way to deal with an extreme lowball offer is to be willing to walk away from the deal. If you reject the offer, the buyer may get the message you won’t settle for too far below asking price.

They may return in a week or two with a better offer, especially if there are few other homes on the market similar to yours.

Get Back to Marketing Your Home (that’s what we do best)

Rather than wasting time on an unreasonably low offer, refocus on marketing efforts to reach other potential buyers. In a sellers’ market like Lakewood Ranch, there are likely other buyers eager to make fair offers, but they need to be aware your home is for sale.

- Host an open house event to get more traffic through your home

- Refresh online listings with new photos or a video tour

- Follow up with previous visitors who toured your home

An ideal buyer is out there. With our marketing guidance, we can help you connect with buyers who will appreciate your home’s value.

Maintain a Positive Outlook

Try not to get discouraged if your first offer is disappointingly low. Handling lowball offers is an inevitable part of the home-selling process.

Focus on the positives - you have an interested buyer! With the right strategy and patience, you can negotiate a fair price.

As your Lakewood Ranch real estate agents, the 941 Lifestyle Group will support you through negotiations to maximize your home’s sales price. Lean on our expertise so you can make the right decisions during this important transaction.

Thank you for taking the time to read our blog. We are excited you found us.

We are the 941 Lifestyle Group. We are real estate agents in Lakewood Ranch and would love to be your go-to real estate team in the 941 area. We can help you whether you are buying a home, selling a home or investing in real estate.

We service all of Manatee and Sarasota Counties.

Specializing in Lifestyle Real Estate.

From the beautiful Gulf Beaches, Downtown Sarasota and Lakewood Ranch.