What to Do When the Seller Says 'No'
- Review and update your comparable market analysis. Use this data to illustrate why the buyers’ price makes sense.
- Explain real prices. If a buyer pays $5,000 in lender points, a $145,000 sale price is actually $150,000.
- Explain the risk of waiting. The sellers might get a slightly higher offer in the next 60 days, but what if interest rates go up by then and there are fewer buyers in the market.
- Explain the risk of rejecting an offer. If the sellers are presented with an offer of $149,000 on their $150,000 house and they counter at $150,000, they are gambling $149,000 to gain $1,000.
- Emphasize the financial soundness of the buyers. Remind the sellers that a higher price means nothing if the deal doesn’t close.
- Resell the original offer. If the sellers won’t budge, wait two or three days and present the offer again.
Source: Portions adapted from Power Real Estate Selling, by William Pivar (Longman, 1988)
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