How To Deal with a Low-Ball Offer

Don’t get mad. Get smart. Negotiation and patience can turn that disappointing offer into a better deal.

By Marcie Geffner, Cyberhomes Contributor

Weak housing markets embolden bargain-minded homebuyers to offer much less than the seller’s asking price. While there is no agreed-upon definition of a lowball offer, any price that’s discounted enough to provoke the seller’s wrath may well qualify for that distinction.

Conventional wisdom says sellers shouldn’t bother to deliver a civil counteroffer to buyers who present a lowball offer because they may prove excessively demanding or miserably difficult to work with during the transaction.

But that approach might not be so wise if your home has been on the market for a while and hasn’t attracted other bidders.

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