![]() ![]() ![]() The seller or the buyer is able to change their mind and rescind the offer or put it back into negotiation prior to final signatures. ▪ A purchase contract is considered accepted only if both parties have signed it and initialed all modifications from any previous version. But your agent must follow your instruction in this case. Your agent will probably ask that you allow him to give the listing agent a response out of courtesy or in the interest of keeping the negotiation going if you’re still interested in the house. If you let the expiration date and time pass, the counter offer is considered rejected. Again, usually people do give responses, but you aren’t required to do so, particularly if you lost interest in the home. ▪ As a buyer, you never have to respond to a seller’s counter offer. While there are several unpleasant ways you might interpret such a “non-response,” you can make a new offer if you’re still interested in the house. If that time passes and you’ve not heard from the seller’s agent, you can rightly assume the offer was rejected. Your offer will have an expiration date and time on it. Often you do get a response, but you should know that the seller isn’t required to give you one. ▪ A seller never has to respond to your offer or counter offer. ![]() In most cases, buyers want to be in charge of this important decision! The exception here is if you, the buyer, have given written instruction to your agent to handle such decisions. He represents you and doesn’t have the right to reject a counter offer on his own. After you’ve made your initial offer, he is required to present to you all counter offers in the negotiation process. ▪ Your agent is called the buyer’s agent. The only exception to this is if the seller has given written instruction to the listing agent to make such decisions. Sure, she’s able to give her opinion of the offer to the seller, but she must present it, even if she knows the seller is likely to reject the offer. In other words, if you’re trying to buy a home and your agent relays your offer to the listing agent, that agent is not able to reject that offer without presenting it to the seller. ▪ The listing agent (the agent who represents the seller) must present all offers and counter offers to the seller. Here are some facts about the offer and counter offer process you should know in the Greater Cincinnati Area (practice could be different in other areas): Both sellers and buyers can counter offer as long as both parties want the negotiations to continue and reach an agreement. A counter offer is a rejection of the previous offer with new or revised terms that allows the negotiation to continue. You already know that an offer is your expressed interest in purchasing a particular property at a specific price. What You Need to Know About Offers and Counter Offers Here are some facts about engaging in an offer that you should review with your Realtor® before he or she writes up a contract so you’re prepared for the scenarios that could follow. When it comes to writing offers and negotiating, make sure you have an experienced and reputable Realtor® who knows and follows proper procedure. Realtors® are supposed to follow rules and regulations set by various governing entities for real estate. While this is true in the simplest of terms, you might be surprised how complicated things can get during a negotiation process. Many buyers believe making an offer on a home involves naming a price, specifying terms of the purchase, and then going back and forth a bit until an agreement is met. ![]()
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