What Does Counter Offer mean?
Counter offers on Collin County real estate come into play by a home seller after a buyer has submitted an offer to purchase their home. Generally, a counter offer will state that the seller is interested in the buyers offer subject to the following changes. Some examples:
•· Price (generally a higher price)
•· Increasing the amount of the earnest money deposit
•· Changing service providers
•· Refusals to pay for certain fees
•· Altering closing or possession date
•· Excluding personal property from the contract
•· Modifying contingency time frames
How many Counters Should You Expect?
Just the same as a seller submitting a counter Tarrant County real estate offer to a buyer, a buyer can counter the seller’s counter, which will then become counter offer #2. There is no limit to the number of counter offers that can be submitted back and forth. The offer and all subsequent counter offers are handled through you’re your DFW Realtors office.
How are Counter Offers Rejected and Should you Reject it?
The seller is not required to respond to any offer. That may come to a surprise to you? Here are some of the most common ways to reject an offer:
•· Most Denton County real estate contracts provide at the bottom of the page for the seller to initial that the offer has been rejected.
•· Most offers specify a date of expiration, a “deadline clause” in the event the seller elects not to respond.
•· Sellers can also write “rejected” across the face of the contract, initial and date it.
Can There Be Multiple Counter Offers?
Depending on your specific state laws, sellers may or may not be able to issue multiple counter offers at one time. In many states sellers can counter more than one offer and each counter can be different. Even if one of the buyers accepts the seller’s counter under these circumstances, the seller does not have to accept the buyer’s acceptance. When Dallas foreclosures are involved many banks and mortgage companies will use this method in order to get then highest offer for one of their properties.
How are Counter Offers Accepted?
If the counter offer is issued by the seller, the buyer can simply accept the counter and deliver it back to the party designated to receive it. Time is always of the essence, meaning, counter offers contain expirations just like purchase offers, which means the seller can accept another offer while the buyer is deciding whether to sign the counter offer. When I’ve called Realtors to find out the availability of a home and whether any offers have been received, it’s very common to hear, “We have a counter out.” Some Realtors become discouraged at this news. But this is a great time to get your clients offer in. You may be pleasantly surprised when the offer is accepted by the sellers. What commonly happens in these situations is the seller accepts the second buyer’s offer and then simply withdraws her counter offer from consideration, kicking out the first buyer.
Harry Ridge, the Broker of VIP Realty Platinum, has more than 24 years in the industry and has the knowledge and experience to lead his Real Estate Team in any market environment. Serving the Dallas Real Estate Market & DFW Real Estate Market.