diff --git a/refs.c b/refs.c
index bb0762ee2bcb736e72db1c0bbda0604246f14c15..3da3c8cefcbe123485fb5a68f2406488275ce43b 100644
--- a/refs.c
+++ b/refs.c
@@ -531,9 +531,10 @@ static int do_one_ref(const char *base, each_ref_fn fn, int trim,
 {
 	if (strncmp(base, entry->name, trim))
 		return 0;
+	/* Is this a "negative ref" that represents a deleted ref? */
+	if (is_null_sha1(entry->sha1))
+		return 0;
 	if (!(flags & DO_FOR_EACH_INCLUDE_BROKEN)) {
-		if (is_null_sha1(entry->sha1))
-			return 0;
 		if (!has_sha1_file(entry->sha1)) {
 			error("%s does not point to a valid object!", entry->name);
 			return 0;