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That was a terrible offer.
What should I do with it?
A. Don’t take it personally. Everybody wants to try to get a deal. Some just act more aggressively on that impulse. If the main issue is price, you should have a good heart-to-heart talk with your Realtor before you just reject the bid. He/she can provide you with some insight into what may a good price to use in a counter-offer. He/she may also be able to discuss with the buyer’s agent whether ort not this buyer is really serious about your property or just fishing around on several properties looking to steal a house. Anything that your agent can find out about the buyer(s) and what is motivating them to make the offer that they made might help.
If it’s a possession issue, be as flexible as you can. A buyer usually wants to take possession at closing and making him/her wait an inordinate amount of time after closing to move in is a hardship and a hassle for the buyer. Remember that you become a renter in your own home as soon as the sale closes, so it is not only inconvenient for the buyer, it’s costing you money too.
Another way to reply to the offer without accepting or rejecting it is the “Sellers Statement of Intent”. In that case you and your agent create a reply that basically says, “I don’t accept your offer, but, if you were to resubmit and offer with these changes I would look upon it more favorably (you still aren’t saying you would accept it).” This reply keeps the negotiation process alive without tying you down to this buyer and this offer in any way. You can still look at other offers.