Today I have everything that you need to know about counteroffers and negotiations whether you are a seller or a buyer.
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You might also have to counteroffer what appliances or other attachments are included in the deal. If an agreement is reached, another renegotiation typically happens after the inspection. When an inspector has looked at the property, there may be issues with the home that the buyer was not aware of beforehand. They are still buying the property, but if they are fixing any of the repairs themselves, they want that reflected in the final sales price.
If the buyer is getting a mortgage loan to buy your house, the bank will also hire an appraiser to evaluate the property. If there is any discrepancy between the price you and the buyer agreed to and what the appraiser values the house at, there will be a renegotiation over how to bridge the gap between the two numbers.
During the counteroffer and renegotiation period, the key is to establish a baseline for what you are looking for. If you are a buyer, you do not want to spend all your money on the sale and have nothing left over for repairs or renovations. As for the seller, they have an idea of what they need to take away from the property. They will need to communicate that early and often with their Realtor. The more we know, the more we can help you.
If you have any questions about counteroffers or renegotiations that either my team or I can assist you with, please feel free to reach out to us. We look forward to your calls and emails.
You've put your house up for sale, potential buyers have come to look at it, and now you’ve received an offer. Congratulations! At this point you can do one of three things: accept it, deny it, or make a counteroffer and negotiate.
When making a counteroffer, you draft an offer with your agent that states you will sell your property to the buyer with the terms you have outlined. The two most commonly renegotiated points made in counteroffers are prices and dates.
In terms of the price, sellers always want to sell at a higher price while buyers always want to buy at a lower price. The key is to find a happy medium that satisfies both parties. As far as the dates go, the best way to resolve any issues is to have both parties' agents discuss the issue before any offer is written. Doing this can also determine if there are any other issues that need to be dealt with before a pen is put to the paper. The more information each side has, the simpler the transaction will be.
For example, the seller might need the funds from the sale to purchase their next property. Or, the buyer might have already sold their home and now they have a date in mind when they need to transfer the funds to purchase the property in question.
When making a counteroffer, you draft an offer with your agent that states you will sell your property to the buyer with the terms you have outlined. The two most commonly renegotiated points made in counteroffers are prices and dates.
In terms of the price, sellers always want to sell at a higher price while buyers always want to buy at a lower price. The key is to find a happy medium that satisfies both parties. As far as the dates go, the best way to resolve any issues is to have both parties' agents discuss the issue before any offer is written. Doing this can also determine if there are any other issues that need to be dealt with before a pen is put to the paper. The more information each side has, the simpler the transaction will be.
For example, the seller might need the funds from the sale to purchase their next property. Or, the buyer might have already sold their home and now they have a date in mind when they need to transfer the funds to purchase the property in question.
When making a counteroffer, you draft an offer with your agent that states you will sell your property to the buyer with the terms you have outlined.
You might also have to counteroffer what appliances or other attachments are included in the deal. If an agreement is reached, another renegotiation typically happens after the inspection. When an inspector has looked at the property, there may be issues with the home that the buyer was not aware of beforehand. They are still buying the property, but if they are fixing any of the repairs themselves, they want that reflected in the final sales price.
If the buyer is getting a mortgage loan to buy your house, the bank will also hire an appraiser to evaluate the property. If there is any discrepancy between the price you and the buyer agreed to and what the appraiser values the house at, there will be a renegotiation over how to bridge the gap between the two numbers.
During the counteroffer and renegotiation period, the key is to establish a baseline for what you are looking for. If you are a buyer, you do not want to spend all your money on the sale and have nothing left over for repairs or renovations. As for the seller, they have an idea of what they need to take away from the property. They will need to communicate that early and often with their Realtor. The more we know, the more we can help you.
If you have any questions about counteroffers or renegotiations that either my team or I can assist you with, please feel free to reach out to us. We look forward to your calls and emails.
