What is a counter offer? After you have determined which home appeals to you the most, you will make an “offer to purchase” on that home. After advising you of the best possible solution (contingencies), your agent will present the offer to purchase to the listing agent representing the seller. At this point, the listing agent will present the offer in a timely manner to the seller and you will be awaiting the sellers answer to your terms and conditions previously set forth in the offer.

Meeting of the Minds

Your offer can be countered (negotiated back and forth) several times before it legally turns into a contract. Once all parties to the real estate transaction have had a “meeting of the minds,” the offer to purchase turns into a legally binding agreement. In order to have a contract, you must agree by signing your initials to any changes made by the seller and the seller must initial to any changes made by you.

The Negotiation Process

This period of negotiating the offer with the seller will typically turn into a minimum three to four day process (depending on the motivation of either party). A key point to keep in mind is the potential of another offer competing against your offer. Due to the changing real estate market, this has turned into an uncommon event, although anything can happen when you find your dream home.

Please continue to view the rest of this section which should help to educate you on the processes involved with the purchase of your home. As always, feel free to contact any of the agents advertising on our website!

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