Making a Counter Offer
What is a counter offer? After we have determined which home appeals to you the most, we will make an offer to purchase on that home. After we advise you of the best possible solution (contingencies), we will present the offer to purchase to the listing agent representing the seller or to the for sale by owner. At this point, the listing agent or seller will review the offer in a timely manner and we will then be awaiting the sellers answer to our terms and conditions previously set forth in the offer.
Meeting of the Minds
Our 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, especially if the home is extremely desirable.