Tying Up Loose Ends & Open Offers
Admittedly, there’s usually not much doubt.
But 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.
After 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.
