When Should You Accept A Low Bid

If you are selling your home and are motivated to get the deal done quickly, you may be tempted to accept a low bid.  Whether you need to sell because you are being relocated or need to downsize to save your financial investment, there are several things you should consider before accepting a bid that is below your asking price.  Here are a few tips on making that decision a bit easier.

How Motivated Are You?

The decision to accept a low bid should always be influenced by your actual financial position rather than simply wanting a quick sale.  If you are in a situation in which you may lose your home due to foreclosure, accepting a low bid may be your only option.  If, on the other hand, you are simply tempted to take a low bid because it is more than you originally paid for the home, you may want to reconsider.  For most people, the motivation will lie somewhere in the middle, and balancing your motivation to sell and the potential financial loss of accepting a low bid should be carefully evaluated.

Avoid Becoming A Motivated Seller

The best way to sidestep having to take a low bid is by avoiding the position of being a truly motivated seller in the first place.  If you are having trouble paying your mortgage, be sure you have exhausted any refinancing options that may exist.  Another common reason people feel obligated to accept a low bid is that they have already purchased a new home and do not want to be in the position of paying two mortgages at once.  So before purchasing a new home, first sell your existing home.

No matter your reason for considering accepting a low bid for your home, be sure you get the advice of both a REALTOR® and a financial advisor to ensure you are making the right decision.

Testimonials

We interviewed a few different realty companies and felt very comfortable with Ken and loved the flexibi...

Continue Reading


Thank you for making the MLS services possible! We gained MAJOR & IMMEDIATE exposure with our listin...

Continue Reading


Dear Ken,

Thank you for all your help with selling our home! We really appreciated all the time yo...

Continue Reading


Blog

December 07, 2017
Host A Chinese New Years’ Party

The traditional Chinese New Year is becoming more and more a celebrated festival around the world, and it i...


November 30, 2017
Backyard Summer Entertainment Ideas

When it comes to entertaining outdoors, there’s no place quite like your very own backyard.  Many fam...


November 23, 2017
Planning The Perfect Memorial Day Barbeque

Planning The Perfect Memorial Day Barbeque

While the focus is often on the Fourth of July when it ...


Century 21 Signature Realty Commercial

5580 State St.,
Suite 4
Saginaw, MI 48603

Phone: 989-921-7002

Email