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Did You Really Expect a Counter Offer?
While teaching a class on purchase contract negotiations, I used an example of a home seller who rejected an offer.  The buyer's agent was upset that they didn't counter.
It was an appropriately priced home, that showed well.  The buyer sent in an offer for $100,000 less than the asking price.  There was no cover letter, no pre-approval letter and the contract looked like it was written by a 3rd grader.  No indication they were serious or would be able to close.  So the seller rejected the offer.
The buyer's agent responded immediately and demanded and explanation as to why they didn't counter.
Here is where the buyer and their agent went wrong:
The price was so far from anything the seller would accept, they had no common ground.  They were not going to meet them in the middle or anything close to it. The contract was not executable.  In the rare case that the seller considered accepting the price, they could not sign the contract.  They would be forced to counter to clean up the mistakes.  The counter would require a re-write of the entire contract to clean up mistakes.  If they have to counter to clean up the contract, ... more

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