Buyers: How to handle counter-offers in Harrisburg PA. Buying a home is not always a linear process. After you have found the right house, made an offer and started getting excited at the prospect of owning a new home, the seller may not accept your proposal. In some cases, the seller will make a counter-offer, delineating their desired terms. What are your options when you receive a counter-offer?
Read on to learn more about the process...
Buyers: How to Handle Counter-Offers in Harrisburg PA - What Is a Counter-Offer?
A seller’s counter-offer usually includes added specifications that will make the buyer’s offer acceptable. Expect to see the following:
§ A higher price, closer to the original asking price.
§ A more substantial earnest money deposit.
§ A change in closing date or possession date.
§ Alteration to the contingency time frame.
§ Payment of various fees excluded.
The seller expects the buyer to accept the counter-offer, make their own counter-offer or withdraw completely from the negotiation. If the terms are acceptable to you, then congratulations on your new home. If you do not agree completely with the seller’s counter-offer, you have a right to appeal with your own counter-offer.
Buyers: How to Handle Counter-Offers in Harrisburg PA - How to Accept a Counter-Offer
To accept a counter-offer, you must initial and date every change that the seller entered on the agreement. If you do not do so before the offer’s expiration date, a seller can accept another buyer’s purchase offer. Usually the Seller's counter-offer is his bottom line. In our area, we do not typically see Buyers and Sellers going back and forth numerous times. It's certainly possible, but not practiced often.
Buyers: How to Handle Counter-Offers in Harrisburg PA - Has Your Offer Been Rejected?
Sellers are not required to respond to your offer. If your offer is too low, or insulting, a Seller may ignore the offer altogether to make a statement. If you do not hear from the Seller, the offer will expire according to the expiration date that all offers have on the contract.
Common sense tells us that a fair offer, based on comparables that I have researched prior to coming to contract, should motivate the seller to begin negotiations with you and possibly agree to your terms, or counter them.
On the other hand, don’t be afraid to walk away if the negotiations are going nowhere. It’s better to move on to a potential win than to frustrate yourself with a home purchase offer that isn’t going anywhere.
Buyers: How to Handle Counter-Offers in Harrisburg PA - With a sound offer and counter-offer strategy that I will guide you through based on 20+ years of experience, you will surely get a great house in the end!
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