So your very first offer has been made and your agent calls you right
away. You want to know how much the offer was for as soon as possible.
But most agents ask the seller to hold off until he/she can arrive and
review the offer. Don�t be distressed that the price is automatically
going to be lower than you hoped. You can ALWAYS make a counter offer.
Don�t just run away from the offer altogether.
Any offer on a home is a good sign. This means someone wants your
property. You do not have to accept it of course. This is what
countering an offer is all about. This is where you get the chance to
have your say in the matter. You may not agree with the terms of the
offer but review it over carefully.
There are many good offers which get rejected because the homeowner is
not happy with the price the buyer offered. However, if the only thing
they are asking for is a reduction in price deem yourself lucky. You
have the option to counter with a higher number.
The buyer who is less than perfect may ask for quite a bit more than
just a lower price. They can ask you to pay points or closing costs.
Depending on what the lender charges per point, this can become just as
awful as a low offer. Most lenders charge 1% per point. On a $100,000
home this can be as much as $4,000. This means the buyer is actually
offering to pay $96,000 for the house. If you already turned down an
offer of $97,000 you are actually accepting less with the second offer.
Especially if the buyer has also demand you to pay the closing costs.
By countering an offer instead of just flat out rejecting it, you can
many times negotiate a deal which can be very profitable to you. The
buyer may be in total agreement with the counter offer. This will make
everyone happy in the deal. Consider before you reject any offer.
You can turn any offer into a good solid proposal for everyone if you do
a little reasoning. You do not have to accept or reject an offer as soon
as it is presented to you. The agent will allow you a few days to think
about it before determining what you want to do. When you have made up
your mind the agent will then put forward your counter offer to the
buyer. The buyer then has the chance to either reject the deal or accept
it.
The countering can go on for quite some time if you have a very
interested buyer and a motivated seller. It is crucial to make sure the
last contract which is signed has everything both parties want listed in
the paperwork. There can be addendums, contingencies, and many other
terms. This is all part of making a deal in real estate.
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