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Sign into your accountTips for Responding to Counteroffers Over the Asking Price
July 12 2016
Sellers coming back with over-asking price counteroffers typically create a lot of drama. Though it may come to a surprise to many buyers, there are many reasons a seller may decline a full price offer. Do you have the right real estate buying tips to help your buyers navigate these shark infested waters?
Take a bite out of emotion
Buyers, who become emotionally attached by picturing themselves in a home, need to be brought back to some rationality, specifically:
- The MLS doesn't guarantee prices like an area superstore; it's a listing service for the industry, holding participants to certain standards, and protecting commissions.
- The owner, not the agency, makes the decision on final sales price.
- You do not know, nor do they have to disclose, the financial situation of the seller.
- The owner may not have 'changed their mind' or thought they could get more following full price offers. Homes are often listed, underpriced, at 5-10% to generate over-asking price offers.
- The seller may have another offer, or be unhappy with the terms.
- The property may be recently listed, generating high-interest.