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How to Deal with Counteroffer Negotiations

How to Deal with Counteroffer Negotiations

An initial offer does not guarantee a sale. In fact, it does not even guarantee a price. A lot can happen between the initial offer and closing day. Enter: The Counteroffer.

 

Negotiations are one of the more stressful aspects of the homebuying process. The negotiation itself is driven by the counteroffer: the rejection and counter to an offer made by a member of the negotiation. These offers are often handled between real estate agents, but they are incredibly time-sensitive, inducing stress in all parties involved.

 

So, why were you countered? If the initial offer was below list price, the counteroffer is expected. If there are several offers, the listing agent will present all options to the seller and notify the buyers of any choices. In addition to disputing final price, a seller may counter a proposed closing date. If they need to move out quickly, they may want an earlier time; if they need to take their time with the moving process, they may push later. Price and date are concomitant, and a disagreement on one can mean a failed deal or negotiation.

 

If your offer is countered by the seller, it is essential to have an experienced real estate agent review the material. This professional will allow you to put yourself in a better position to counter the counter. Carefully review every aspect of the deal and consider every aspect of the sale, including both old and new information. If you offered above the list price, remember that the appraisal may come in low. To that end, consider undertaking an appraisal or inspection before settling on a price and time. If you’ve offered before these processes, prepare yourself for a future counteroffer.

 

If you are experiencing negotiations, carefully plan and establish your baseline with a real estate agent. Understand the point at which you are able to walk away from a sale, and don’t allow yourself to be lured above your comfortable price point.

Rachel Richardson

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