What do you do when, after entertaining several would-be-buyers, and waiting impatiently for offers to purchase, you finally get informed by an agent that his client is offering to buy your beloved property at a price significantly lower than what you’re asking for? No, you don’t slam the phone down on the agent, you take a deep breath and try to evaluate why this is happening.
You must try to find out why the buyer offered such a low price. There are many possible reasons for this, one is related to the buyer’s line of work involves. If the buyer deals with negotiating day in and out, then offering a ridiculously low price for your home is simply part of his “training”.
Ask the buyer why his bid is low. Ask if it has something to do with the house. He may have given that figure simply because he feels your asking price is too much. If this is the case, ask him what his basis for the offer was. Maybe you did price your home too high.
Once you have determined his reasons for giving such a low bid, talk things through with your family or with your agent. If you feel that he has a point, then consider reducing your asking price to an amount you feel both feel is fairly reasonable. If you think his reasons are not good enough then thank him graciously for his time and inform him that you will wait for other offers.
Remember that you are on opposite ends of the spectrum. You want to sell your property at the highest price possible, and the buyer wants to own your property with as little cash expenditure as possible. If neither is willing to go to such extremes, then try to meet halfway.
