Receiving a low offer on your home can be hard to stomach, but usually it’s just business. One common trick some buyers use to gauge your level of motivation is to start low. Some are on a tight budget, others have read or seen something (true or not) that worries them.

You want to handle it with equanimity, maintain your price, and save the sale.

The First Step:

Whatever deal you could have closed, all of it is gone with one swift no. Context will be given by your estate agent, so don’t immediately dismiss. For Estate Agents Cheltenham, contact http://www.meandyouestateagents.co.uk/

First Time Buyer / Chainbuyer

Whether or not they have proof of funds/mortgage in principle

How quickly can they proceed?

Does the offer stem from a survey concern, or is it merely a negotiation?

Step 2: Can you accept a lower price realistically?

Suppose you get plenty of viewings but only low offers, the market may be telling you something.

Look at:

Completed sale prices (not just what they were listed for)

Similar properties for sale in the local area

Parking, length of lease/terms and conditions.

If your home is priced correctly, one low offer does not matter. When all offers are low, that is a signal.

When to negotiate

Negotiation makes sense when:

An available buyer (cash, or no chain/strong)

They can move quickly

They have offered a realistic range to your base price

You have limited competing interests.

Most of the time, simple is best – just counter. As well, there are many more parts of the offer to adjust other than price, such as terms for a quick close or leaving certain things included with the house.

When to walk away

In some cases, walking away is the right move:

The buyer is unable to provide evidence of funds or a mortgage-ready position

They are asking for a discount of a whopping amount without any good reason

They change the offer or add caveats

There is more buyer-side interest.

If you do say no, leave it open: ‘I am afraid we cannot agree to that figure, but near offers will be considered at £X’.

A practical rule of thumb

Be open to negotiation. If the buyer is unsure and you have a big gap, hold your price to protect it so that you can walk.

Your estate agent should advise you on the demand locally and help select a price that is most likely to secure a swift completion.