When to accept a low offer

Are you only ever getting offers below your asking price? Here is some valuable advice that will save you money!

Many property sellers are determined to sell their property as quickly as possible. Some know that selling a property is a nerve-wracking task that can disrupt the normal daily routine.

Others need to have sold by a certain date because subsequent financing depends on it. Under this pressure, some property sellers are tempted to accept even a low offer just to get the property sold and get back to business as usual. This article would like to give you a few tips on how you can better decide what to do in such a situation.

Analyze your financial situation
Many real estate salespeople are guided by their feelings. This may often work well, but you will usually make better decisions if you try to find rational reasons. Before you accept an offer, you should be clear about your financial situation. A quick sale certainly has many advantages, but ultimately a lot of money is at stake and who can afford to recklessly give up a nice sum of money?

If you are even in the situation of losing your property to foreclosure, then accepting a low offer is probably your only sensible option. A foreclosure sale usually brings significantly less than if you sell your property on the "open" market.

Sale on a key date
If you need the proceeds of your property sale for other financing by a certain deadline and that day X is soon, then you are in an unpleasant situation. It is now irrelevant whether it was because you went to market with the wrong price and whether you waited too long for the unsuspecting buyer to pay you your desired price for your property. You are now in this situation and have to make the best of it.

Many people cannot withstand the pressure and sell their property at too low a price out of fear. They act out of the motivation that they want to save what can still be saved. They see this as their only option. This may often be the case, but sometimes there are still alternatives if you look for them. In any case, talk to your bank to see if there are any refinancing options. Above all, don't just talk to one bank! We are in the fortunate position that there are banks a dime a dozen in Germany. You will only find out whether there is a better solution for you if you take action and look for it.

We also recommend that you speak to a professional real estate agent. Estate agents have often solved such cases to everyone's satisfaction. In any case, it is better than having to accept a ridiculously low offer.

When is an offer even low?
Many property sellers require a certain amount for subsequent financing and any offers lower than this amount are deemed unacceptable. We have already discussed the problems with this approach in other articles. But there is also the opposite case: a property seller bought his property years ago for 300,000 euros, for example. Now someone offers him 320,000 euros for the property. Can this be a low offer, even though it is higher than the purchase price at the time? Yes, it can!

The real estate market is changing and so are property prices. You should always consult a real estate agent to get a reliable estimate of the value of your property. Perhaps properties like yours in your region are currently very popular and you can achieve a better price. It would be a shame to miss out on this extra money without necessity.

Summary
Whatever your reasons for considering a low offer, you should seek expert help. You can do this by seeking advice from a real estate agent and/or a financing expert. Don't make any rash decisions just because your neighbors or work colleagues think you should accept a low offer. It is better to rely on the advice of real estate experts.