Dealing with counter offers

How does the seller react to your offer?

Your agent has delivered your offer to the seller. The action by the seller depends on a variety of circumstances. Does the seller have better offers in hand? Is your offered price below the acceptable price range? If these are true, the seller is likely to reject your offer.

On the other hand, if yours is the best offer the seller has or if your offered price is within the expected price range, the seller might decide to accept your offer as it is written provided the contingencies and time frame is also acceptable.

If the seller has no other offer in hand or any prospect of getting another offer and your offered price is within negotiable range or some of the contingencies are unacceptable, you are likely to get a counter-offer. That is good news because the offer is still alive.

What should you do with the counter-offer?

Sit down with your agent and discuss if you want to accept the countered price and/or contingencies. You may decide to reject the counter offer or to counter with another counter-offer. Every offer and counter-offer has a deadline. The party that receives the offer or counter-offer has to respond before the deadline to keep the offer alive.

This process of countering counter-offers can go on for days until both parties are able to accept the price and the contingencies. When both parties affix their signature to the final counter-offer, the seller and the buyer have agreed to the price and contingencies that affect the sale.

Role of your agent

During these negotiation process, your agent will be your guide informing you of your options. Your agent also will be channel through which you will receive and send offers and counter-offers.