When to Ignore an Offer on a Home

Should You Ignore Low Offers?

Hearing that you received an offer on the home you have up for sale is exciting. But understanding the difference between a good offer and a bad one can be challenging to distinguish at the moment. Everyone knows about buyer’s remorse, when someone feels regretful after making a purchase they can’t return. But a similar experience exists in real estate known as ‘seller’s remorse’– when a seller regrets a deal they’ve made on an offer.

You should consider a couple of things when an offer comes in that can help you decide whether to ignore it or move forward with it. Hindsight is 20/20, and it’s much easier to know that you’ve made a good financial decision looking back on things than it is to realize at the moment.

Maybe the market trends will change right after you accept the offer, and it ends up being much lower than what you could have gotten. Perhaps the opposite happens, and you wish you had taken the offer you initially turned down. Real estate is an ever-changing industry, and timing can significantly differentiate between a good offer and a bad one. Learning how to evaluate things can help you decide when to ignore one or take one.

Is the Buyer Low Balling?

A low ball offer is when a buyer makes a lower offer than the asking price. This is a common tactic in real estate because it can open the doors for negotiation. Perhaps they aren’t expecting to get the low amount they asked for, but it could lead the seller to drop their price slightly to keep the buyer’s interest.

The first thing you should ask yourself if you’re faced with a low ball offer is, “how much lower is this than the asking price?”. If the request is significantly lower and almost insulting how little they’re asking for, you should ignore this buyer and move on. If they aren’t taking your asking price seriously, you shouldn’t engage in any further negotiations.

Can you Negotiate?

Consider negotiating with the buyer if the offer isn’t that much lower than your home’s asking price. Perhaps they’re willing to meet you closer to the number you want in exchange for something else.

There are plenty of ways to make deals in real estate. Don’t turn down an offer just because it’s lower than what you want, but you should ignore an obnoxiously low one.

How Long Has Your Home Been on the Market?

If your home hasn’t been on the market for very long and you’re not in a big rush to sell or move out, ignore the offers you don’t like. Depending on how the market goes, you can see what types of offers are coming in and then decide which ones to take when the time is right.

You are the homeowner, and you make the final decision about which offers to ignore and which to take. Your listing agent is there to help you, but if you want to wait a little longer because you think a good one will come by, you should follow your gut.