How Do I Handle Lowball Offers or Buyers Trying to Renegotiate After Contract Signing on the Gold Coast?
When handling lowball offers or buyers trying to renegotiate after contract signing on the Gold Coast, assess the buyer’s motivation and market conditions before responding firmly with a counteroffer or rejection. Remember, the signed contract price is usually binding; however, renegotiations may occur during the cooling-off period or if contract clauses permit. Consult a legal expert and maintain clear communication to navigate these situations effectively.
Selling your home on the Gold Coast can be an exciting and rewarding experience, but it’s not without its challenges. One common frustration many sellers face is receiving lowball offers or dealing with buyers attempting to renegotiate after the contract is signed.
So, how should you respond if a buyer offers significantly below market value, or worse, tries to change the deal after everything seems locked in?
What Is a Lowball Offer?
A lowball offer is a purchase offer that’s significantly below the property’s market value, sometimes tens or even hundreds of thousands under the asking price.
This can happen:
- In a slow market, where buyers feel they have leverage
- When the listing price is too high
- If buyers are testing your desperation
- After a negative inspection report
How to Handle Lowball Offers Professionally
1. Don’t Take It Personally
Low offers can feel like an insult, but remember, it’s just part of the negotiation process. Buyers may be testing the waters or following advice to “start low.”
2. Respond Strategically
Rather than rejecting outright, consider:
- Making a counteroffer near your ideal price
- Highlighting recent comparable sales
- Re-emphasising the value of the property (location, upgrades, unique features)
Tip: If the buyer is genuine, a well-handled counteroffer can help them reach a fair price.
3. Know Your Bottom Line
Work with your agent to define your lowest acceptable price and stick to it. Having clarity makes it easier to decline unrealistic offers without regret.
What If a Buyer Tries to Renegotiate After Signing the Contract?
Under Queensland law, once both parties have signed the contract of sale, it becomes legally binding, subject to conditions such as:
- Building and pest inspections
- Finance approval
- Cooling-off periods
Renegotiation Can Arise When:
- A building or pest inspection reveals issues
- The buyer’s bank values the home lower than the agreed price
- The buyer has buyer’s remorse or wants leverage to reduce the price
Your Options if a Buyer Tries to Re-Negotiate After Signing
1. Enforce the Contract
If all conditions have been met (e.g., unconditional contract), the buyer is legally bound to proceed. If they attempt to walk away or change terms, they may forfeit their deposit.
2. Consider Reasonable Requests
If the buyer raises legitimate concerns (e.g., termite damage), you may choose to:
- Offer a price reduction or
- Rectify the issue before settlement
This is optional—not required, unless the contract is conditional upon inspection.
3. Refuse and Stay Firm
If their request is based on emotion or unrealistic expectations, you’re within your rights to refuse renegotiation and enforce the contract.
Cooling-Off Periods in Queensland – Know the Rules
In Queensland, residential buyers typically have a 5-business-day cooling-off period after signing the contract (unless waived). During this time, a buyer can withdraw for any reason, but they may forfeit up to 0.25% of the purchase price.
After this period, buyers are locked in unless they exit via an unfulfilled condition (e.g. finance or building).
Legal Protection for Sellers in Queensland
As the seller, you are protected by:
- The terms of the standard REIQ Contract of Sale
- The cooling-off period rules
- Clearly defined finance and inspection clauses
- Buyer penalties for wrongful termination after the contract goes unconditional
Your solicitor or conveyancer will ensure the buyer’s requests and timing are valid and help you respond accordingly.
How I Help Sellers Handle Lowball Offers and Post-Contract Negotiations
As a local Gold Coast real estate expert, I help you:
- Price your property right to reduce lowball risk
- Prepare strong marketing to attract serious buyers
- Handle low offers professionally and confidently
- Navigate any post-contract turbulence with support from top legal professionals
- Stay in control of the negotiation process at every step
Facing a Low Offer or Buyer Pressure? Let’s Talk.
If you’re on the receiving end of a lowball offer or your buyer is suddenly changing their tune, I’m here to guide you.
Let’s ensure your sale stays on track and on your terms.
Frequently Asked Questions
1. Can I reject a lowball offer without responding?
Yes, you can simply decline. But in many cases, a counteroffer opens the door to a better deal.
2. What happens if a buyer withdraws after the contract goes unconditional?
The buyer is in breach of contract and may forfeit their deposit and/or face legal action.
3. Can a buyer renegotiate after a bad building inspection?
They can request changes, but you’re not obligated to agree, unless the contract allows for it.
4. What if the buyer’s valuation comes in lower than the offer price?
If the contract is subject to finance, they may withdraw. However, a skilled agent can justify your price to lenders or help negotiate a middle ground.
5. Will I lose other buyers if I wait for one buyer to resolve their demands?
Potentially, yes. That’s why it’s essential to have tight timelines in your contract and keep backup buyers engaged when possible.
More Smart Seller Questions Answered
Should I Stage My Home When I Sell It on the Gold Coast?
Absolutely, Here’s Why. If you’re asking, “Should I stage my home when I sell it on the Gold Coast?” The answer is a resounding yes. Professionally staging your home isn’t just about pretty furniture. It’s a strategic move that can lead to faster sales, higher offers, and a stronger emotional connection for buyers.
Staging highlights your property’s best features, makes spaces feel larger, and helps potential buyers visualise themselves living there. It also depersonalises the space, making it more neutral and appealing to a broader audience. On the competitive Gold Coast market, staging is a proven way to stand out and sell smarter.
THIS IS HOW YOUR JOURNEY TO A SUCCESSFUL GOLD COAST PROPERTY SALE STARTS
My simplified guide below will take you through a 20-step process for selling your property anywhere on the Gold Coast;
I proudly sell homes across the entire coast.
1. PREPARING YOUR GOLD COAST PROPERTY FOR SALE + SOME OF THE LEGAL REQUIREMENTS
- Tidying gardens and decluttering everything inside and out.
- All homes for sale, are legally required to have hardwired photoelectric, interconnected smoke alarms.
Non-removable 10-year battery smoke alarms can be installed as an alternative.
- By law, you are required to complete a pre-contractual seller’s disclosure statement: generally related to limitations, restraints, or defects in the property title, such as easements, covenants, leasing, zoning, etc.
- A pool safety certificate is also required if you have a swimming pool or if the property has a shared swimming pool (Body Corporate).
2. COMPARATIVE MARKET ANALYSIS REPORT FOR YOUR GOLD COAST PROPERTY
After showing me around your property, I will provide you with a Comparative Market Analysis (CMA) report. This is a detailed, legally required analysis of your home’s market value.
The CMA is based on recently sold and for-sale properties similar to yours in the immediate area. I will need to view your home to prepare this report.
3. SETTING A MARKETING BUDGET FOR YOUR GOLD COAST HOME
The third step in selling your home is to create a marketing budget.
By law, this must be based on actual costs.
There are various marketing options to consider, such as:
– Internal, External and Drone Photography.
– Property and House Plans show potential buyers the exact layout of your home and property.
– Internet Advertising on platforms such as RealEstate.com.au, Domain.com.au, Facebook.com, Instagram.com, etc.
– For Sale Sign on the street is still essential to attracting potential buyers. Even though many buyers start their search online, they often drive around neighbourhoods to see what’s available.
A simple fact: Not having a For Sale sign can significantly reduce the number of people who see your property and may be interested in buying it.
4. PREPARING AND APPROVING THE FORM 6 AGREEMENT WHEN SELLING A GOLD COAST PROPERTY
A Form 6 Agreement is a document provided by the Queensland State Government. It outlines all relevant details of the property sale, including the marketing budget.
Our administration team will prepare this form for you and send it for your review and approval.
5. PAYING THE MARKETING BUDGET FOR YOUR GOLD COAST PROPERTY
Once you have approved the Form 6 Agreement, the next step is to pay for the marketing budget that you have chosen.
6. STARTING THE ADVERTISING PROCESS
Once your payment is received, the advertising campaign will commence.
Advertising strategies will align with the choices you made within your marketing budget.
7. MONITORING MARKET RESPONSE
If your property hasn’t received offers within 30 days, don’t assume there’s no interest.
It often means the price isn’t aligned with what buyers are willing to pay at this time.
This is your signal to review and adjust your pricing strategy so your home remains competitive and receives the attention it deserves.
8. ARRANGING BUYER VIEWINGS
When buyers express interest in your property, viewings will be arranged to allow them to see your home in person; you need to be away from the property during these viewings.
This helps potential buyers feel relaxed and visualise themselves as the new owners, thereby forming a deeper connection with your property.
9. CONSIDERING A BUYER’S OFFER
When you receive an offer on your home, it means a buyer is serious and ready to move forward at a certain price.
This is a key moment in your selling journey. Take the time to go over the offer carefully.
Look beyond the price; check the terms, conditions, and settlement timeframes. Make sure it works for you before accepting, countering, or declining.
10. ACCEPT, COUNTER, REJECT
When an offer is presented, you will need to respond by accepting, countering, or rejecting it.
Accepting locks in the agreed-upon price and terms.
Countering proposes changes and initiates further negotiations. If countering, present revised terms clearly; open, respectful communication is key for a smooth sale.
Rejecting means the offer is unacceptable; in this case, respond promptly and professionally, explaining your reasoning for the decision.
11. YOUR LEGALITIES
When you finally accept an offer, you will engage your conveyancer or solicitor to facilitate the legal requirements to complete the sale.
If you are part of a Body Corporate, you will need to provide a Disclosure Statement from them.
Your solicitor will use PEXA to settle your property. Part of the process requires Verification of Identity. Also, anyone selling a property must complete an ATO Clearance Certificate.
12. BUYER’S DEPOSIT
The buyer’s deposit is a crucial step in the property purchase process; it will be held in the agency’s Trust account.
This is a tangible expression of the buyer’s commitment to purchase your property.
13. BUILDING AND PEST INSPECTIONS
Typically, a buyer will arrange for a building and pest inspection report to be completed, usually within 14 days of the contract date.
Additionally, they may have the contract subject to finance, which is generally applicable for 21 days from the contract date.
14. COMPLETING YOUR GOLD COAST PROPERTY SALE
Based on the outcome of the building and pest inspection report, as well as any finance being sought, the buyer will proceed with their offer or withdraw it.
At this point, the sale either falls through or becomes unconditional.
15. LOOKING FOR YOUR NEW PROPERTY
If the sale becomes unconditional, it is time to start looking for a new property. Remember, there is no need to rush.
It is essential that you take your time, as this needs to be a very considered purchase.
Your new home is of substantial value and can be costly if you change your mind. Something you may want to investigate is Short-Term Bridging Loans.
16. ALTERNATIVES YOU SHOULD CONSIDER
An alternative to seriously consider when deciding where to live between selling and buying is renting while you look for a new property.
Renting for a short period gives you breathing room; it allows you time to clear your head, make a confident, considered decision, and ultimately buy where you truly want to live, with no pressure or panic.
17. TIME FOR YOU TO MOVE
Leaving your home opens doors to a new chapter full of new beginnings. Embrace the excitement of a fresh start and cherish the memories you’ve made.
Every box you pack brings you one step closer to a new adventure full of possibilities that lie ahead.
18. YOUR SALE CONCLUDES
The culmination of the property sale is settlement; it marks the transfer of the property to the new buyer.
As the final chapter concludes, this marks a sense of achievement: your property has now SOLD.
19. YOUR FUTURE OPTIONS
If you have chosen to rent, you will continue to look for and eventually purchase a property, apartment, or perhaps even buy land and build; now there’s something to consider.
20. TIME TO UNWIND AND MAKE YOUR NEW HOME YOUR OWN
As you unpack and furnish your new home, embrace the gradual process of creating your haven.
Enjoy the transformation, one room at a time.
Relax in the tranquillity of your surroundings and immerse yourself in the gentle sounds of your new neighbourhood.
Explore the nearby parks and cafes; enjoy the unique charm of your new community.
Remember, settling in is a journey in itself; it’s not a race. Embrace the process of creating a home that reflects your unique style and personality.
Whether you’re downsizing, relocating or just ready to move on, I’ll guide you through every step of selling your Gold Coast home with confidence and ease.
Navigating the intricacies of selling your property can be complex, but it doesn’t have to be.
My 20-step guide provides a simplified general overview; as you would naturally expect, your steps may vary.
Author – Craig Douglas
Are you ready for a conversation about selling your Gold Coast home?
Let’s get you Selling
LET’S GET YOU SOLD
Craig Douglas 0418 189 963
Professional | Knowledgeable | Experienced
You can find me working at a Boutique Real Estate Agency
These are just some of the suburbs that I proudly sell homes in:
Nobby Beach
Please Note: The information contained in this document is for general information purposes only and does not constitute legal advice. The laws and regulations governing the sale of property in Queensland are complex and constantly changing. It is important to seek the advice of a qualified property lawyer or conveyancer before making any decisions about the sale of your property. This document does not take into account your individual circumstances and may not apply to your situation. By reading this document you agree that you have not relied on the information contained herein and that you will seek independent legal advice before taking any action.
This page was proudly created by Craig Douglas, your local independent Gold Coast real estate agent, working for a Boutique Real Estate Agency. Selling residential and commercial properties, from those that are awe-inspiring, through to a diamond-in-the-rough, otherwise known as a “renovator’s delight“.
I negotiate and sell on behalf of property owners who want to get the best possible price, with the least amount of hassle. Let’s talk about the process of selling your property over a coffee to get you started – 0418 189 963
