People who sell their homes FSBO have a tendency to have much more in the way of pride in their homes than people who are looking mainly for the investment, or are into "flipping" their homes. This puts you in a good position overall, but there are some drawbacks from an emotional standpoint sometimes. If you receive a bad offer for your home that you don't think is fair, can you deal with it? Will you look at it for what it is, or will you be offended and act unreasonably? Let's break down the situation and see just how these bad offers come about and shed some light on the whole ordeal.
When you're in a home for a long period of time, it becomes part of your life. It houses your fondest memories, your most important moments, your family, etc. So just as you would act if someone treated you or someone in your family unfairly, a bad offer on your home can feel insulting and offensive. Say you're selling your home for $300,000 after a lot of work put into it and a lot of time and effort. You think it's the best on the block, and you're hoping that the profit will make the sweat worth it. Someone loves the house, and wants to make an offer on it. You get all excited, figuring that you're going to sell it right here and now, except that they offer you $260,000.
What's the first thing you would do? Most people would react emotionally, be insulted, and wonder what kind of person would try to low-ball you like that? As well as probably blow your lid and cuss up a storm. Hopefully you do this in the privacy of your own home. However, if you really break it down, you'll soon realize that this is a business transaction, and business and emotion does not mix very well. Try to remove yourself and your emotions and feelings from the equation. Why did I get such a low offer? Let's break it down.
Low offers come about in a number of different ways. The potential homebuyer might be trying to test you to see how desperate you may be in selling your home. Will you take a low offer on it? If you won't, then there's nothing wrong with a counteroffer, especially if you were going to say no anyway to their offer. They could just want to see if you have some wiggle room on your price, and a counteroffer will allow them to see just how wide your negotiation window is.
Another reason a low offer might be coming at you is because you're not a "qualified real estate agent", and homebuyers may not think you know what you're doing. You know how funny that is because you've already gone through the motions of becoming an FSBO seller, and you know all to look out for. Try blowing their game by making a counteroffer for the original sales price again. This will make them realize that you mean business and aren't just someone looking to make a quick, foolish buck.
The bottom line is to treat a real estate transaction like you would selling any product in a business. Act with your mind and not with your heart, and you'll soon be on your way to completing your transaction as an FSBO home seller.
