Selling real estate is a very traumatic time. This is especially true when it comes time to deal with an offer. You are about to sign an agreement that commits you to a sale in the hundreds of thousands of dollars.
Then a buyer comes along and presents you with an insult, not an offer. You will get situations like this whether you are listed with a real estate broker or selling privately. There is no way to avoid it. You have to understand some buyers feel they have to start low to get their best price. This is a misconception on their part.
Should this happen to you, here are some options for you to consider.
You can give them a counter-offer for what you were going to accept as a final selling price. For example, your property is listed at $299,000. The offer presented to you is for $250,000. If your lowest price is $295,000, sign the offer back at that. If they resurface, tell them it is your best price. Should they will not accept it and they walk, you have not lost anything.
Do not touch the offer at all. When the buyer asks why not, you can tell them you will get serious when they do.
Our suggestion is to work with the first scenario. Do your homework and have the listings for comparable properties that sold recently. Supply them with copies when the offer is presented to them.
HomesByOwner of Durham Region recommends that all buyers and sellers consult with a real estate lawyer prior to entering into a written agreement.
Sell Your Home on our for sale by owner website.
Learn more about Private Real Estate sales.
Check out our Durham Region FSBO website for Private Sales.
The FSBO should have had an agent so they can price the home right. Looking at homes for sale in your neighborhood is not a smart way to figure out prices because they have not sold, Zillow and other sources are usually off and even appraisers because they are not working in the market and walking with buyers to know what homes are really worth.