As soon as an agreement to purchase a home is sent to the vendor, the seller can choose from three possible decisions: Accept the offer, decline the offer, or counter the offer. This choice depends upon what’s included in the purchase agreement. Sometimes the seller will counter tops on the given price. Other things which may spawn a counteroffer include the buyer requesting the seller pay closing costs or pay for title insurance, a home warranty or appraisal expenses. Anything that appears in the offer to purchase can be redeemed from the vendor, with the exception of state or federally mandated inspections and disclosures. If the buyer’s offer is not too outrageous, and you believe the two of you can finally come to terms, it is best to counter the deal –particularly in a buyer’s market.
Review the purchase agreement entirely. The first thing to look at is that the period of time. All contracts have an expiry date, and you also want this information to determine how long you have to make a decision. If you are not working with a realtor, now is the time to consult with an attorney. The agreement to purchase is a legal contract also comprises legal jargon. Unless you are a lawyer, you will need assistance deciphering the legalese.
Create a list of those things of that you do not approve. This may be details of the contract or the price that the buyer has offered to cover. Perhaps he’s requested for upgrades or repairs to be made or for the addition of furniture or other private property. Sometimes the date the buyer wishes to close escrow becomes a problem.
Determine the topics on your own list on which you are inclined to compromise. In case you have overpriced the home, now is the time to realize only willing buyers are able to determine market value, and possibly it is time to reduce the price. If, on the other hand, your home is priced appropriately and it seems as if the buyer is merely looking for a deal, you can counteroffer at full list price. Your realtor or attorney can counsel you on these problems.
Instruct your realtor or attorney to compose the counteroffer. Read it over carefully to make certain all of your directions were followed, and register it. If you are working with a realtor, she’ll deliver it to the buyer’s agent. If you are selling the home yourself, you will need to deliver the form to your buyer.