What is a Counteroffer?

What is a Counteroffer?

  • 06/18/18
When you’re buying a home in Scottsdale, you need to know about counteroffers. But what is a counteroffer, and what are you supposed to do if the seller presents you with one?

What is a Counteroffer?

After you make your initial offer on a home for sale in Scottsdale, the seller has a choice to make: He or she can accept it, decline it, or come up with a counteroffer. The counteroffer is a means of negotiation between buyers and sellers. Essentially, it’s the seller rejecting your offer and coming back with one that he or she can accept.

Why Do Sellers Counteroffer?

Sometimes sellers put up a counteroffer because you aren’t offering them what they think the home is worth, but it’s not always about money. Maybe the seller can’t work with your closing date, or there may be other issues in the way of offer acceptance.

What to Do if a Seller Counters Your Offer

Working with an experienced Scottsdale real estate agent can help you a lot during negotiations – agents are trained negotiators whose primary duty is to make sure you get the best possible deal on the home you want.
Your agent will gather information to determine why the sellers may have countered your offer, and he or she will use that information to gain you an advantage in negotiations. Sometimes negotiations go quickly, but in some cases, they can take several weeks.
You and your agent will review every part of the counteroffer so you can make the most informed decision possible. You’ll also talk about the baseline – the make-or-break point where you’ll be willing to walk away from the deal. Remember, if there are more homes than there are buyers, you’ll have an automatic advantage; if there are more buyers than there are homes, you may be at a disadvantage when it comes to negotiations. In either case, it pays to have an experienced real estate agent by your side.

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