Tying Up Loose Ends & Open Offers

Admittedly, there’s usually not much doubt.

expiredBut if you want absolute, “case-closed” proof that a Buyer’s offer qualifies as a lowball, here it is:  when the Seller rebuffs it*, they never even bother to withdraw it.

Either the offered price is so preposterously low they know the Seller will never accept it.

Or, in the infinitesimal chance that the Seller actually does sign, the number’s so dirt cheap that the Buyer “ any Buyer ” would be thrilled with the price.

Either way, there’s no risk associated with indefinitely leaving the (open) offer on the table.

Time is of Essence (Usually)

By contrast, a Buyer who makes a serious offer will only wait so long to hear from the Seller before withdrawing it.

expired2After all, what intelligent Buyer would leave their offer out there, day after day, to be shopped or simply ignored, as the case may be?

Answer:  no one.

While Buyers ” at least in Minnesota ” seldom include a formal expiration date in their offer, by common practice they’ll withdraw it if the Seller isn’t responsive.

That allows the Buyer to move on, both emotionally and contractually.

*When a Seller formally responds to an offer ” lowball or otherwise ” with a written counter-offer, they extinguish the original offer, obviating the need for the Buyer to withdraw it.

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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