Consider before you ignore or outright refuse a very low purchase offer for your home. A counteroffer and negotiation could turn that low purchase offer into a sale.

You just received a purchase offer from someone who wants to buy your home. You’re excited and relieved, until you realize the purchase offer is much lower than your asking price. How should you respond? Set aside your emotions, focus on the facts, and prepare a counteroffer that keeps the buyers involved in the deal.

Check your emotions

A purchase offer, even a very low one, means someone wants to purchase your home. Unless the offer is laughably low, it deserves a cordial response, whether that’s a counteroffer or an outright rejection. Remain calm and discuss with your real estate agent the many ways you can respond to a lowball purchase offer.

Counter the purchase offer

Unless you’ve received multiple purchase offers, the best response is to counter the low offer with a price and terms you’re willing to accept. Some buyers make a low offer because they think that’s customary, they’re afraid they’ll overpay, or they want to test your limits. 

A counteroffer signals that you’re willing to negotiate. One strategy for your counteroffer is to lower your price, but remove any concessions such as seller assistance with closing costs, or features such as kitchen appliances that you’d like to take with you.

Consider the terms

Price is paramount for most buyers and sellers, but it’s not the only deal point. A low purchase offer might make sense if the contingencies are reasonable, the closing date meets your needs, and the buyer is preapproved for a mortgage. Consider what terms you might change in a counteroffer to make the deal work.

Review your comps

Ask your REALTOR® whether any homes that are comparable to yours (known as “comps”) have been sold or put on the market since your home was listed for sale. If those new comps are at lower prices, you might have to lower your price to match them if you want to sell.

Consider the buyer’s comps

Buyers sometimes attach comps to a low offer to try to convince the seller to accept a lower purchase offer. Take a look at those comps. Are the homes similar to yours? If so, your asking price might be unrealistic. If not, you might want to include in your counteroffer information about those homes and your own comps that justify your asking price.

If the buyers don’t include comps to justify their low purchase offer, have your real estate agent ask the buyers’ agent for those comps.

Get the agents together

If the purchase offer is too low to counter, but you don’t have a better option, ask your real estate agent to call the buyer’s agent and try to narrow the price gap so that a counteroffer would make sense. Also, ask your real estate agent whether the buyer (or buyer’s agent) has a reputation for lowball purchase offers. If that’s the case, you might feel freer to reject the offer.

Don’t signal desperation

Buyers are sensitive to signs that a seller may be receptive to a low purchase offer. If your home is vacant or your home’s listing describes you as a “motivated” seller, you’re signaling you’re open to a low offer. 

If you can remedy the situation, maybe by renting furniture or asking your agent not to mention in your home listing that you’re motivated, the next purchase offer you get might be more to your liking.

Historically, home owner's net worth has ranged from 31 to 46 times that of renters. 

A fixed-rate mortgage might not change for 15 to 30 years; rent typically increases 3% per year.

Every home purchased pumps $60,000 into the economy.

If you're ready to start your real estate journey, contact one of our qualified agents today!

Friday, March 2, 2012:  Below I have attached my letter to the editor at the Erie Times News, along with a few links that I think everyone should check out.  First, listen to my favorite voice of Earl Nightengale. Then watch Warren Buffett address newspapers and real estate. Finally, if you read the paper every day, this letter was to reflect on the past few days of publications. Enjoy.

To whom it may concern,

                Real estate is a local commodity that has outperformed every other investment in my portfolio, and it's tangible! This result is not to be credited to my knowledge of the market or opportunities unavailable to the general public, but to the recognition of Erie's acres of diamonds, then ACTION! 

                There has been a lot of noise made by the Erie Times News (ETN) this week in regards to real estate and homeownership, and unfortunately it is not relevant to our marketplace. Today's "You Inc." section cite Trulia as the housing industry leader, with quotes from irrelevant resources. In Scenario One, a police officer rents a 2 bedroom apartment for $1,500 in Boca Raton, FL (I have a tenant in Summit paying $1,350 for a 4 bedroom, 2 full bath home)... hardly relevant information about Erie. Who does this article look to assist? A contemplating Florida resident who reads the ETN? 

                On Wednesday's City & Region front page "Homeownership low" tells of a report showing Erie lagging behind "similar sized" areas for "owner-occupied" homes. How many college students own and occupy their homes in these "college towns"?  The City of Erie is currently fighting the Apartment Association and its members because of unjust fees for inspections which mishandled and misappropriated revenue from the program. I know investors who refuse to own in the city because of the financial discourse within and the burden of NPO's. It doesn't take many investors paying property taxes to contribute more to the tax base than Gannon, Hamot, and other PILOT program recipients. Is it frustrating to see a local university build a beautiful building and raise incredible amounts of revenue from room and board with no benefit to the city's tax base? I'd like to see a required focus on curriculum for financial literacy in schools K-University... when do we teach our children and young people about every day financial requirements to survive and certainly thrive, and I hope they are not watching our governing bodies for advice!    

                As a local real estate broker, investor, and concerned citizen I would highly recommend listening to Warren Buffett who recently stated in a CNBC interview...if it were practical, he would buy up "a couple hundred thousand" single family homes.  As an investment, real estate (whether single family homes, multi-units, commercial, etc.) is an incredible vehicle to building wealth with incentives available for all who invest. The City of Erie should be patting investors on the back, but those of us who do invest in real estate are already being patted on the back by Uncle Sam. What other investment offers leverage with benefits like real estate? To learn more about our local market conditions, please contact a local REALTOR^® who can properly advise you on your current position and opportunities in Erie's most unprecedented time to purchase a piece of the "American Dream".  I do commend Erie's downtown for the effort to make noise about real estate with action instead of talk (or print).    

       "When people don't know how to recognize opportunity, they complain of noise when it knocks."      

Laban A. Marsh
Broker/Owner

Marsha Marsh Real Estate Services
Direct: 814.866.8840 x383
Cell: 814.440.8545
Office: 814.866.8840

www.LabanMarsh.com

www.MarshaMarsh.com

Are you ready to win great prizes?

You have a chance to win great prizes when you visit any of the Marsha Marsh Real Estate Services OPEN HOUSES during the month of March! Plus you have the opportunity to meet and talk with many of our professional REALTORS® about your real estate needs. 

It’s easy! Just register your name, e-mail and phone number at any Marsha Marsh Real Estate Services OPEN HOUSE to become eligible for a chance to win great prizes! Click for our OPEN HOUSE SCHEDULE!

​Visit www.MarshMadnessOnline.com for more details

We are pleased to announce the grand opening of our new office in MILLCREEK located at 4202 W. Ridge Rd.

Join us Sunday, February 26 from 1-3pm and take a tour of our new office! Enjoy refreshments, prizes and more!

Marsha Marsh Real Estate Services has become one of the most respected and fastest growing real estate companies in the area.

Marsha Marsh Real Estate Services announced in May 2011 a major expansion with the purchase of a second office building in Millcreek Township. The new facility, located at 4202 West Ridge Road, will serve as home base for additional agents. Following extensive renovations, the new office will include two conference rooms and individual offices.

“After four years of unprecedented growth, the brokerage has run out of adequate space to support our growing roster of agents and the increasing volume of clients,” explained Laban Marsh, agent, broker and owner. “A second location will provide additional professional office space and it will enable the entire Marsha Marsh Real Estate Services organization to better serve our valued clients through increased resources, greater technology and additional conference/meeting space,” Marsh added.

Not only is Marsha Marsh Real Estate Services growing steadily, but they are gearing up for their annual Marsh Madness Open House Tournament. Visit any open house hosted by Marsha Marsh Real Estate Services throughout the month of March and sign in with the hosting agent. Each weekend a $25 Lowe's Gift Card will be awarded to registered attendees and on Monday, March 26, all registered Open House attendees will automatically be entered to win the Grand Prize of a 36" HD TV (sponsored by Marsha Marsh Real Estate Services) and a luxurious microfiber recliner (sponsored by John V. Schultz Furniture & Mattress). Visit www.MarshMadnessOnline.com for more information!

We hope you will join us and help in celebrating our growth into Millcreek!

Join us Friday, February 24 at 10am for the Ribbon Cutting Ceremony of our new office located in Millcreek at 4202 W. Ridge Rd. 

Marsha Marsh Real Estate Services announced in May 2011 a major expansion with the purchase of a second office building in Millcreek Township. The new facility, located at 4202 West Ridge Road, will serve as home base for additional agents. The new office includes two conference rooms and individual offices after extensive renovations.

“After three and a half years of unprecedented growth, the brokerage has run out of adequate space to support our growing roster of agents and the increasing volume of clients,” explained Laban Marsh, agent, broker and owner. “A second location will provide additional professional office space and it will enable the entire Marsha Marsh Real Estate Services organization to better serve our valued clients through increased resources, greater technology and additional conference/meeting space,” Marsh added.

This Ribbon Cutting Ceremony marks a pivotal time for Erie's leading real estate company. Not only is Marsha Marsh Real Estate Services growing steadily, but they are gearing up for their annual Marsh Madness Open House Tournament. Visit any open house hosted by Marsha Marsh Real Estate Services throughout the month of March and sign in with the hosting agent. Each weekend a $25 Lowe's Gift Card will be awarded to registered attendees and on Monday, March 26, all registered Open House attendees will automatically be entered to win the Grand Prize of a 36" HD TV (sponsored by Marsha Marsh Real Estate Services) and a luxurious microfiber recliner (sponsored by John V. Schultz Furniture & Mattress). Visit www.MarshMadnessOnline.com for more information!

We hope you will join us and help in celebrating our growth into Millcreek!

Check out one of our new favorite sites: www.McLaneAdvantage.org

Great schools! Great access! Great Community!

For any questions regarding the McLane Advantage, please call: 814-273-1033

Richard Scaletta, Superintendent  ext. 5901

Daniel Mennow, High School Principal   ext. 1901

John Hansen, Middle School Principal   ext. 2901

Michael Getz, McKean Elementary Principal   ext. 4901

Randy White, Edinboro Elementary Principal   ext. 3901

Laban Marsh has a beaver in his office. Laban Marsh, who grew up in Corry, trapped the furry creature and had it stuffed and mounted. It sits on a table at his office at Marsha Marsh Real Estate Services in Corry and serves as his connection and commitment to the Corry community and the Marsh family’s support and sponsorship of Corry athletics. And Laban Marsh’s beaver is ready to greet visitors during a grand opening of Marsha Marsh Real Estate Services new office in Corry, 38 W. Columbus Ave.

The grand opening was held Sunday, February 12. 2012 from 1 to 3 p.m. The event featured food and refreshments, including Augie’s pizza; Ritz chocolates; prizes, a Chinese auction of Marsha Marsh Real Estate Services items, such as hats, blankets and t-shirts. “We want to have lots of people here,” said Marsha Marsh, owner of Marsha Marsh Real Estate Services and a real estate agent.

Marsha Marsh Real Estate Services closed on the purchase of the former Rice Realty in Corry in September. Although Marsha Marsh Real Estate Services is based at 8840 Peach St. in Summit Township, the real estate company serves clients in Erie, Warren, Crawford and Venango counties.

Marsha Marsh Real Estate Services is owned by Marsha Marsh and her husband, Greg; and sons Laban Marsh and Levi Marsh, who is an associate broker and works out of the West Ridge Road office in Erie. Another son, Lucas Marsh, is a sales agent at the Peach Street office.

In addition to Laban Marsh, who is a broker/owner, the Corry office will be staffed by real estate agents Don Johnson, Vicki Melnichak, Dan Clark, Crystal Ellsworth, and Erik and Char Rynders; and administrative assistant Shelly Hansen.

Since purchasing the business, it has been closed for inside renovations, including fresh coats of paint and new carpeting. The office will be open for business on Monday, February 13, 2012.

[Photo to right: Mackenzie Marsh and the 55lb beaver on their way to the new Corry office.]

Marsha Marsh said she is excited to have an office in Corry. “Real estate is fun. This is a great time to buy a house,” Marsha Marsh said. “Corry is getting a new hospital and a new superintendent, and interest rates are really low.” She added that to be a homeowner and to have equity is a good investment.

Marsha Marsh Real Estate Services is multi-listed, meaning properties are accessible to the public. If anyone wants to search for properties over the Internet but does not have a computer, they can go to the Corry office.“If they want to come in and look on a computer, we’ll have computers available,” Marsha Marsh said.

Marsha Marsh Real Estate Services in Corry will be open Monday through Friday from 8:30 a.m. to 5 p.m. Agents will be available Saturday and Sunday to meet clients in the Corry office by appointment. “They can e-mail us 24/7 or text us and we’ll make ourselves available,” Marsha Marsh said.

Over half a million tons of electronics are
collected annually for recycling in the US.
Source: US Environmental Protection Agency

Sell

...To a buy-back website. Online resellers such as YouRenew.com, Gazelle.com and NextWorth.com allow you to sell your old electronics for cash, or recycle them if they aren't worth anything. You can also sell your old gadgets to Amazon, provided they meet criteria. Once you receive a free quote online, print a pre-paid shipping label and mail your gadgets to the reseller.

...On eBay or Craiglist. Many people turn to these popular websites to sell a variety of items. eBay has partnered with the Rethink Initiative to help you sell, donate or recycle your old technology.

...Back to the manufacturer. Many manufacturers, including Apple, Sony, Toshiba and Hewlett-Packard offer trade-in programs that will pay market value for your computers and equipment, depending on the condition of these items. Visit the manufacturer's websites for more information.  

Donate

Many non-profit organizations accept donations of electronic devices, especially computers and office equipment. Visit Recycles.org for more information about how to donate electronic devices to organizations near you.

Things to remember before donating

• Be sure to erase any private information from the hard drive.
• Call the receiving organization to make sure they will accept the type and condition of electronics you wish to donate. 
• Write down what you donated; you may be able to write off the market value of the computer at tax time.

Many cities host annual eWaste collection drives. Contact your town's public works department to see when the next one is scheduled.

Recycle

Since electronic are made of precious metals and hazardous materials, it's dangerous to send them to landfills. Electronics recycling recovers the usable materials from the device and safely disposes of the hazardous waste. Visit EcoSquid.com or Earth911.com for more information about where to recycle your electronics locally.