A Real Estate Counter Offer How to Work it and How Not to Blow It
Written by on July 12, 2023
A Real Estate Counter Offer: How to Work it and How Not to Blow It Whether you are selling or buying a home, the listing price is agonized over from start to finish. Realtors will advise sellers of the comparative market analyses and hopeful “For Sale Buy Owners (FSBO)” will crash open houses trying to set just the right sale price for the home. Buyers will decide what they want and what they can afford; then seek out realtors they believe can find a bargain.
But despite all that planning and agonizing, realtors report that a large percentage of offers result in counter-offers. What do you do then? Rejected? Not Really Realtors will tell you that some homeowners take a low offer on their house a bit personally. While that may be true, counter offers are generally a reasonable way of negotiating the price the buyer wants to pay, with what the seller wants to get. And unless you went the FSBO route, you don’t even have to deal with it directly- leave it to the realtors.
Many homebuyers and sellers choose to work with realtors for this very reason; they can let a professional negotiate terms and deal with tedious paperwork. Realtors report that most counter-offers may be issued to negotiate: a higher price (total consideration), a different time frame, paying service providers, a change in closing date, money down, or amenities included in the sale. According to the National Association of Realtors, people include anything from curtains to several thousands of dollars in their counter offers.
Realtors in various states can educate you on laws governing counter-offers. There could be one or five in a given situation. Deciding whether to dicker over a couple of thousand dollars, or who will keep the appliances, can be a decision that throws first time buyers or sellers into a frenzy. Keep these tips from professional realtors in mind. Keep Your Eyes on the Prize Realtors say that the homeowners who are happiest with their buying and selling experience were flexible, but had clear priorities.
For example, realtors recommend that you have an acceptable range around your listing price that you will feel good about selling the house for. (Or paying for it). Then be flexible. Maybe the offer is $2 thousand lower than the seller wanted. This is a good time for a counter-offer that could propose more earnest money, or the exclusion of some personal property. Realtors will tell you that the seller is not required to respond to an offer at all. But if the realtors involved understand that both parties really want this sale to work, they will communicate that and help work out a mutually beneficial deal.
Yet another reason that homebuyers and sellers need to choose realtors carefully. Try to view counter-offers as an opportunity for both sides to get what they want, and to leave the table happy. To take another spin on this: Whether we will admit it or not, we all think we are pretty clever. This can manifest in many ways. In real estate, it often happens when a seller blows their counter offer to a buyer.
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