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Endless counter offers
Dear Phyllis,
Our real estate agent has been showing us homes for quite some time.
Last week, we finally found the perfect home and submitted a formal offer. Since then, we have exchanged counteroffers with the seller’s agent for more than a week but have not reached an agreement on price or patio furniture (we requested that the patio furniture be included, but it was not a deal breaker).
After a week of no movement, the seller received another offer, and we are now competing directly with that buyer. The initial delay feels confusing, and I am wondering whether the seller is managing the process strategically. What are your thoughts? Dan T.
The real estate waiting game is very frustrating for you and your agent. Most sellers have a set price in mind that they “need” when they list their home for sale. Obviously, each seller wants to sell for the highest price, and likely, as the buyer, you want to purchase at the lowest possible price. Unfortunately, it’s not unusual for offers to be countered several times before both buyers and sellers agree.
There is a simple way to avoid endless counteroffers. Prior to writing the initial real estate purchase offer, I attempt to connect with the seller’s agent with questions about the closing date, possession, and related details.
In the future, before requesting personal property such as patio furniture, have your Realtor ask the seller’s agent whether the owner is willing to include it. As a result, you reduce one more item that could become part of a counteroffer negotiation.
Additionally, if your initial offer is low and your agent believes the seller is unlikely to accept it, you may choose to omit the request for patio furniture. In that situation, the acceptance of your price becomes the priority.
However, if you receive a counteroffer and increase your offer price, you can then introduce a request for personal property such as patio furniture.
Time can become a home buyer’s worst enemy, as you discovered when another buyer entered the picture. When I write an offer for a client, I prepare them for a possible counteroffer. If a counteroffer arrives, my buyer already knows whether they are willing to increase their offer and, if so, by how much.
Because we handle these negotiations daily, most real estate agents bring strong experience to these back-and-forth discussions. Trust your agent’s expertise.You hired her to help you find the home you love at a price you can afford. A good agent works hard to achieve exactly that.
Related Post: Time is a buyer’s worst enemy
