Countering An Offer Can Save You Money.
Countering an offer. Every seller I know gets excited when the real estate agent calls and says an offer has been made on their house. The first thing they always ask is how much. It takes a lot of reserve to tell the seller to be patient until the agent gets there to go over it. The seller who hears this instantly thinks it is a low offer and gets irritated. They forget about countering an offer. Many of them insist on rejecting it immediately instead of thinking things through. Any offer on a home is a good thing. 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 look it over carefully.
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 bad 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 getting less with the second offer. Especially if the buyer has also asked 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. Think before you reject any offer. You can turn any offer into a good solid proposal for everyone if you do a little thinking. 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 deciding what you want to do. When you have made up your mind the agent will then submit 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 necessary 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 stipulations. This is all part of making a deal in real estate.
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