Once you have received a purchase offer, you are bound by the terms of that offer once you accept it. Keep in mind, however, that if the you refuse the offer, you cannot change your mind and reuse the same purchase offer that you previously declined. If you change your mind, you will need to receive another written offer from the buyer. In most instances, you would neither accept nor refuse an offer. Instead, you should probably provide a counter-offer that is more to your liking. This is a statement that modifies the original offer in some way. The price of the house is a common stumbling block that requires a counteroffer to be made.
Some counteroffers are done on the same paper as the offer. In this case, you might simply cross out the disputed part of the offer and change it to read something that is more favorable to you. You must initial this change in order for this to be a legal counteroffer.
Other counteroffers may come in the form of another statement. An example of a counteroffer follows below.
Once a counteroffer is made, the seller is bound by the terms of that document. After a counteroffer has been given, the buyer is then able to give a counter-counteroffer if they don't agree with the terms of the counteroffer. Too much haggling may cause hard feelings and deteriorate the deal. Make sure that the items in question are worth negotiating over, and always establish in advance the line at which you will walk away.
Offers, counteroffers, and counter-counteroffers are legally binding agreements if accepted. For this reason, you should only accept an offer if you are willing to live by the terms of it. Further negotiation may be necessary after a purchase offer is accepted, regarding the contingencies specified in the agreement. The seller is bound to certify that each contingency stipulated in the purchase agreement has been successfully addressed to the buyers satisfaction. If the seller tries to address the contingencies in the most minimal way, or if the buyer has unreasonable expectations, then further haggling can ensue which can delay the closing of the sale and frustrate the process.
Your Todd Sandler Realtors agent has the necessary experience to smooth-out the sticking points of the negotiating process regarding purchase price, contingencies, and any other stipulation that could potentially sour the deal, and make sure you get the most money in the least amount of time for your property.
At Todd Sandler Realtors, your satisfaction is our most valued asset.