Buying a home in Greenwood Village CO - the counter proposal

You are buying a home in Greenwood Village CO and you have found the house you want to call home. Your real estate agent -hopefully us :) - has submitted an offer on your behalf. On the Contract to buy and sell Real Estate dates and deadlines section you specified when you want a response from the seller. It's called Acceptance Deadline. This is the date and time by which the seller needs to inform you whether they decided to accept, reject or counter your offer. Now the sellers are on the clock. What happens when the seller sends back a counter offer?

This is part 6 of 7 part series about Buying a home in Greenwood Village Colorado

The Counter
What can the seller counter?
The seller can counter practically anything they want. Here are some typical examples.

Price and Terms
Seller wants to net more, or maybe not give seller concessions, or want more Ernest Money (if you offered to give very low amount as Ernest money, seller can ask for more to see that you are serious)

Dates
Seller may request to shorten or extend the duration under contract, meaning push closing further out or move it closer. Or they may ask you to move your inspection date up. etc.

Inclusions and Exclusions
Maybe you asked the seller to include the washer and dryer (even though it was not said to be included). The seller may counter with them being excluded.


Additional Provisions - additional changes
The seller may specify other changes e.g. Seller will not provide Sellers Property Disclosure Document, or the home is sold "as-is", etc.

These are some of the things typically seen on a counter. Obviously one on the big ones is the price.

Once the counter is sent over to you. Now you are on the clock. On the Counter Proposal there is also an acceptance date and deadline, by which you have to decide whether you will accept the counter or not. If you decide not to accept it there is no contract - you are not under contract and the home stays on the market. And it is back to looking at houses.

Note! It is one of those things - often, when your offer is submitted, suddenly there is another offer coming in. It just happens. Which may require some recalculations on how to best position you in order to get that house of your dreams.

If you accept the counter proposal - you will sign it. It gets sent to the seller and it is time to deliver the Ernest Money to a place specified by the listing agent (frequently either the Listing Office or a Title Company). The Ernest Money has to be delivered within a time specified on the Contract to Buy and Sell Real Estate. Once the Ernest Money is delivered you are now officially under contract and on your way to owning a home in Greenwood Village CO.
 
This is Part 6 of 7 part series of buying a home in Greenwood Village. Below you will find links to the two previous parts.

Coming Soon - Part 7 - You are Under Contract!

Buying a Home in Greenwood Village Colorado - Series
Part 1 - Buyer's Checklist / Wishlist
Part 2 - Buying with cash or getting a loan?
Part 3 - Ready, Set, Go - Looking at Homes
Part 4 - Let's write an offer!
Part 5 - Dissecting the offer
Part 6 - A Counter Proposal

Brian Burke

Kenna Real Estate
303.995.4220 Office ext 701
Homes@kennarealestate.com

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Disclaimer: Kenna Real Estate does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Copyright 2009.© Kenna Real Estate. Rita Burke. All Rights Reserved. Aug 24th 2009. "Buying a home in Greenwood Village CO - A Counter Proposal"