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January 2012
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Should I respond to a low offer on Las Vegas Luxury Home?

Should I respond to a low offer?

You received an offer lower than your asking price for your Las Vegas Luxury Home. An initial response is to walk-away, feel disappointed and even be offended by this low offer. Selling and buying Las Vegas Luxury Home can be very emotional. Let’s be honest it is a lot of money being traded. It is challenging for both sellers and buyers to set aside their emotions and consider working with what you have. If you do walk-away and don’t attempt to counteroffer you’ll never keep the deal going. Plus, putting an actual piece of paper in front of a buyer can be very powerful. Here are some helpful hints to help you counter a low offer.

Las Vegas Luxury Homes

Las Vegas Luxury Homes

Set aside your emotions: The reality is that someone wants to purchase your Luxury Home. I believe every offer deserves a response. If you don’t try you’ll never know or get a deal done. Talk with your Realtor about various strategies to counter.

Re-review your COMPS: Go back to your Realtor to review recent sales and pending sales. If the COMPS are lower for Las Vegas Luxury Homes than your asking price you might need to reconsider your asking price or lower your expectations. Also, consider asking your Realtor to ask the buyer’s agent to take a look at the recent COMPS or ask how the buyer came up with offer price. Sometimes, buyers offer lower than the sale comps and do not have a good reason as to why, besides fear.

Consider the terms: Typically, price is the key in a transaction, but clean terms are important too, especially when it comes to financing terms. If you had two offers one that was $25,000 more, but had a long escrow, very little down and required a long financing contingency verses the second offer being all-cash, a quick close and no inspections—the all-cash offer might look more attractive. Consider asking the buyer to come up a little in price and strengthen some of their terms.

Ask the realtors to talk: Ask your Realtor to contact the buyer’s agent to try to narrow down the price gap for your Las Vegas Luxury Home. Generally, Realtors work together to come up with some creative ways to get the deal done. Realtors want to get deals done too.

Counter an offer: Unless you have multiple offers it is always best to counter an offer. Again, you don’t have to just counter the price you can mix-up the counter with price and terms. Maybe you ask the buyer to come up $10,000 instead of $20,000, but also, you ask the buyer to shorten their financing contingency. Or maybe you offer to pay for HOA dues or SID/LID upfront instead of asking to come up in price, which might be a cheaper option.

If you don’t try you’ll never know if the buyer is willing to come up a little too. It is all about compromising to get Las Vegas Luxury Home sold.

Click here to speak to one of Las Vegas Luxury Homes Specialists or call 702-588-6868.


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