One Way to Respond To A Lowball Offer on Your House

I recently attended a very, very excellent Edina Realty Expo at the St. Paul RiverCentre.  All Edina agents (all 2,200 or so of them) were invited to attend.  In addition to hearing from the outstanding leaders of the company and being updated on the business outlook for 2012, we had two very good guest speakers.

Cover of "The Rookie (Widescreen Edition)...The first was Jim Morris, who was the inspiration for the movie “The Rookie” about an aging high school baseball coach who tried out for the major leagues and made it.  In case you haven’t seen the movie, you should.  According to Jim it’s a very accurate account of his life story and is quite interesting.  The second was Terry Watson, who is a motivational speaker/coach.  He told so many fun and interesting stories that I won’t dare attempt to tell you about them all.  I will, however, tell you about two that I especially liked.

The first was about how he met a girl that he ended up dating for 5 years.  According to Terry, everyone wanted to date her and he really didn’t think he had too much of a chance with her.  But it just so happened that one day she had a flat tire and he just happened to be in the area to offer his assistance.  Long story short, he got to know her and ended up dating her.  He ended the story by saying that to this day, she still doesn’t know that he’s the one who let the air out of her tire!  The moral would be that sometimes we just have to create our own opportunities!

His second story, and the real subject of this posting, concerns a client of his (yes, he’s a former real estate agent) who received a ridiculously low offer on their property.  If I recall, the numbers were something like a $650,000 asking price with an offer of around $350,000.  Needless the say, the seller was highly offended by such a low offer.  Who wouldn’t be???  Once the seller calmed down enough for Terry to talk with them, he suggested that they make a counter-offer.  Anyone who has been around at all knows that this is a common practice in almost every real estate transaction.   Terry suggested that they make an equally ridiculous and offensive counter-offer to the potential buyer.  He suggested that they counter with….get ready….$28,000,000!!!  And yes, the buyer was offended but they had to realize they had brought it upon themselves in the first place.  I’m not suggesting that you should try this tactic yourself.  But then again, I’m not telling you not to either!

Keep this story in mind if one of these days you’re the potential buyer making an offer.  Everybody wants to negotiate and everybody wants to get a deal.  Just try to keep it realistic.

Peace out, until next time.



About Bob Gilbert, GRI

Realtor with Edina Realty, Prior Lake, MN
This entry was posted in For Sale, Home Buying - General, Real Estate Humor, Selling Your Home and tagged , , , . Bookmark the permalink.

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