How Smart Sellers Handle Lowball Offers in Chicagoland

By Ron and Tammy

The Wexler Group is a Chicago-area real estate leader with over 3,100 closed home sales and a reputation for delivering a consistent 5-Star experience by staying ahead of market trends so clients always come out ahead.

When a lowball offer comes in, it’s easy to have a strong reaction. After doing this for over 40 years, even I still have that initial moment of “Are they kidding me?” when I see a number that’s way below where it should be.

But here’s what I’ve learned: how you respond to that offer matters a whole lot more than how you feel about it.

Respond, don’t react. When I see an offer before my seller does, I’ll call them and say, “Before I even tell you the price, I’m telling you it’s low. And that’s okay, because having a contract in front of us is better than not having one.” People negotiate in different ways. We can be annoyed for a moment, but then we need to decide how we’re going to respond, because that’s how we get the best outcome.

We can’t negotiate if there’s no one to negotiate with. Any offer on paper is an offer, and we love having offers.

Look at all the terms, not just the price. An offer is more than just the price. When do they want to close? Are they cash or subject to a loan? Are they asking for inspections, repairs, or personal property? My approach is to go through every term and then decide how we’re going to respond to all of them. Don’t get hung up on a low number when there might be other terms in that contract working in your favor.

Understand how different people negotiate. Some people go to the grocery store, and whatever the apples cost, that’s what they pay. But there are people who negotiate to buy that apple, and it’s part of the fun for them. Sometimes they bring that exact mindset to buying a house. They’re not trying to insult you. In their mind, it’s just the opening move. You have to get past the reaction and be okay with the fact that any offer on paper is worth looking at.

Counter-strategically. Here’s how we approach it. If a buyer comes in at 95% of the asking price, we might counter at 98% or 99%. If a buyer comes in at 80%, we do the same thing. Maybe come down 1% or 1.5% and see how they respond. We respond in the exact same calm, professional way regardless of how low the offer is. That’s how you maintain control.

And if we know we’re going to sell within 4% of the asking price, it doesn’t matter if the buyer came in at 80% or 85%. We’re still not coming down any further. If that buyer thinks they’re getting the house at 80% of asking, they’re not our buyer, and that’s okay.

Don’t be attached to the outcome. We lose if we’re attached to the outcome. We go into every negotiation being okay with losing the buyer and getting our terms from this buyer or the next one. That’s why people hire The Wexler Group. We have no problem playing hardball. We work for our seller, and if we have to go back strong, we go back strong.

There’s a concept in sales called the takeaway close. It’s when you say to the other side, “These are the absolute best terms we’re willing to give your buyer. We’d love for them to buy our home, but if it doesn’t work, that’s perfectly fine.”

That moment of walking away creates a sense of loss. And often, a buyer who we thought we were so far apart from suddenly re-evaluates and says okay. It happens more than you’d think. The key is being clear and then letting it go.

Let your professional handle the emotion. Selling your home is emotional. That’s exactly why you hire a professional. You feel the feelings, and let us do the negotiating to get you the top price without any emotion at all.

A lowball offer really isn’t a lowball offer. It’s just where that buyer felt like they should start. Take a deep breath, decide what you want, let your professional do their job, and negotiate that buyer up as high as possible.

Watch our video for the full breakdown, or jump to the sections that interest you most using the timestamps below:

00:00 — Introduction
00:17 — Respond, Don’t React
01:12 — Look at All Terms
03:27 — Counter Strategically
04:31 — Don’t Be Attached
06:13 — Let Buyers Go
07:40 — The Takeaway Close
09:10 — Final Advice

Reach out to us if you’re thinking about selling in Chicagoland or the Southwest Suburbs. We’d love to put 40 years of negotiation experience to work for you. Learn more about why sellers list with us, or call us at (708) 629-5151, email ron@thewexlergroup.com, or visit thewexlergroup.com.