How to make an offer on a house
Want a better understanding of the buying process and how to make an offer on a house?Making an offer is a significant step in the property buying process—and while getting the price right is...
A counteroffer is a response to an initial offer made during negotiations.
A counteroffer is a response to an initial offer made during negotiations. This occurs when one party wants either a higher or lower price for the property. It's a way of continuing the negotiation process, indicating that the terms of the original offer need adjustment for an agreement to be reached.
What’s considered a reasonable counter-offer really depends from transaction to transaction. However, it should always demonstrate a willingness to compromise and find middle ground between the seller and buyer. For some properties, this could be as little as a 5% difference or even a 10% difference for others.
In the case of a rejected counter-offer, there are various courses of action. One option is to accept the original offer as presented. Alternatively, you can submit a new counter-offer with adjusted terms to better align with the other party's expectations.
Continuing negotiations to understand concerns and find common ground is another approach. However, if terms seem non-negotiable or an impasse is reached, it might be worth considering to choose to walk away from the deal.
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