Articles and Advice
Selling Your Home: How To Make A Counteroffer
As you go through the process of selling your home, you'll most likely receive more than one offer from potential buyers. In these kinds of situations, it may be necessary to make a counteroffer. There are a number of factors that can affect the type of counter you make and the success of acceptance. Here's what you should know about how to make a counteroffer when selling your home.
All Things in Consideration
There are a variety of things you'll want to pay attention to within an offer from a potential buyer. Most likely, your focus will fall to the offer price first. Whether or not this price is acceptable to you, it's important to take the time to read all of the terms of the offer before making the decision to counter.
You'll want to carefully consider things like:
- Closing date
- Items from the home the buyer wants to be included in the sale
- Additional contingencies the buyer has included in their offer
Once you've determined which terms of the offer are acceptable, you can then begin preparing your counteroffer to address the unacceptable terms. For instance, you received an offer on your home for the full asking price, but the buyer has added contingencies to the contract for the major appliances to be included in the sale and a 60-day closing.
A "give-and-take" perspective is typically the best approach when selling your home. When considering a counteroffer, consider meeting the potential buyer halfway. For instance, you may counter by including all major appliances except for the washer and dryer and a 30-day closing in exchange for the buyer's responsibility for half of the closing costs.
A professional real estate agent can help you draft a counteroffer that works best for you. You'll want to thoroughly read, sign, and date the counter, and your agent will present it to the buyer or buyer's agent.
It's All in the Details
No matter what you've included in your counter, make sure every detail is in writing. It's important to understand that presenting a counteroffer will negate the original and create a completely new agreement.
In some cases, it may be beneficial to negotiate the terms of your counteroffer verbally to avoid the extensive paperwork. Once everything has been agreed upon, the final terms of a counter can be put to paper and submitted for as a final purchase agreement for formal acceptance from the buyers.
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