The real estate process can be confusing at times, so today I want to briefly discuss one aspect of it that often catches people off guard: counter offers. Often, people don’t know how quickly they need to respond to a counter offer.
If you’re selling your property and you receive an offer that is unacceptable, you can always counter the offer in either price or terms before submitting it to the prospective buyer. The same works in reverse: if you’re a buyer who doesn’t like the seller’s offer, you can rework the offer to fit your needs and resubmit it to the seller. Counter offers are a nice tool to use when buying or selling real estate. When you’re selling, it’s a good way to avoid taking a deal that is unfavorable to you without turning the buyer down outright.
Now that you know how a counter offer is used, you’re probably curious about how quickly you need to respond with one. When an offer is submitted, there is a Binding Acceptance, the date of which a counter offer pretty much makes irrelevant. In my experience, however, the quicker you respond to an offer or counter offer, the better the chance that you and the other party come to an agreement.
If you have any questions about this topic, or if you need real estate assistance of any kind, please don’t hesitate to reach out to us. We would love to hear from you!