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As a homebuyer, if you make an offer below list price, the seller may choose to reject, accept or simply let the offer expire. If there are multiple offers, the listing agent will lay out the options for their client and then notify all buyers’ agents of the choices.
Sellers may also counter your proposed closing date. If they need to move out quickly, they may want to push it earlier. They may also ask to rent the property for a time after the settlement.
Price and closing date negotiations are common from both parties, but there are even more reasons sellers can potentially get countered.
The condition of the home is likely the biggest factor here. As homebuyers conduct ongoing research into the home, any problems with the condition of the house can result in a counteroffer.
If you’ve chosen to take appliances with you when you move, buyers may also look to negotiate for those.
Appraisals are another reason for counteroffers. If an appraisal comes in below the agreed-upon sale price, it will affect the amount the mortgage company will lend to the buyer.
With a measured and informed approach, counteroffers can be your friend. Communicate often with your agent to let them know what you want from the sale, and never be afraid to walk away if things go south.
Selling or buying a home is more of a process than a transaction, so it’s important to understand counteroffers before you make your first offer.
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