When a buyer finds the home of their dreams, they submit an offer to purchase to the seller. The seller then has the right to accept the offer, reject it or make a counter offer. Let’s take a look at what a counter offer is.
A counter offer usually states that the seller will accept the buyer’s offer subject to a revision of certain terms. In essence, the seller is rejecting the buyer’s original offer but making a new offer to the buyer in return. The most common items addressed in a counter offer are: price, closing date, occupancy, personal property that may or not be included, or modifying time frames of a contingency.
Like the original offer, the counter offer will specify an expiration date. If the buyer doesn’t respond by the expiration date, the counter offer becomes null and void and the seller can accept other offers. There is no limit to the number of counter offers that may go back and forth between the buyer and seller.
If you have any questions about the negotiating process, don’t be afraid to ask your REALTOR® for advice.
