Wednesday, November 29, 2017

Real Estate Counter Offers

If you've ever been in a real estate counter offer showdown, you know it can feel like days of back and forth negotiation. But, what if it really does take days? And multiple counter offers?

We recently had a client ask us if there is a limit to the number of counter offers allowed. The answer is no, there is not a limit. Counter offers can be made until there is a signed agreement on the home sale or the home is taken off the market by the seller. The good news is your real estate agent is and should be the point person for counter offer negotiations. Your agent can help make the process go smoothly and should also be in frequent contact with the seller's agent as well. 

What is the hold up?

Sometimes, a seller may be trying to slow the process in hopes that a better offer will present itself. It is helpful to remember that sellers will equate the sale price to their own value of the home, which almost never matches. A seller has priceless memories and sometimes many years living in the home. That can be a big reason why a seller tries to hold out for the highest possible offer.

Sometimes it really isn't about the money. Your Realtor should be able to find out if there are other interested buyers and if there is something else the seller's are looking for. For example, maybe the sellers need a flexible closing date of the option to rent-back until they purchase their new home. There are ways around these situations and finding out the seller's motivation is a big step in the right direction.

It's always important to keep communication lines open between both real estate agents. When buyers and sellers go beyond two or three counter offers, things start to get petty and it is the Realtor's job to step in and get an agreement signed. 

If you have questions about selling your home or are interested in purchasing, please reach out to us at 218-820-7355 or sales@upnorthproperties.com.