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. Today, I want to dive into a crucial part of the home buying or selling process – counteroffers. Whether you’re a buyer or a seller, understanding the art of the counteroffer can make or break your deal.
A counteroffer is essentially a response to an initial offer, where the original terms are changed. It's not just a flat-out 'no,' but rather a 'yes, but'—yes, I’m interested, but let’s change a few things. This keeps the negotiation going and shows that both parties are potentially willing to make a deal.
Making a counteroffer is strategic. For sellers, it might come into play if the offer is close to what you want but just not perfect. For buyers, it’s a way to adjust the terms more favorably without losing the property to another offer. The key here is knowing the market and understanding how much room there is to negotiate.
Counteroffers can include changes to the price, the closing date, contingencies like inspections or financing, and what’s included in the sale, like appliances or furniture. It’s essential to prioritize what’s most important to you and be willing to compromise on others to reach a middle ground with the other party.
You want to work with an agent who is effective at negotiation. It is all about clear communication and understanding the other party's needs. You want your agent to be rational when making a counteroffer to the other agent. Let me give you a few examples. If you’re a seller and asking for a higher price, have your agent justify it with recent comps or the condition of the home. If you’re a buyer asking for a specific closing date, have your agent explain why you are selecting a specific closing time frame. Always be prompt and keep the momentum going—delays can kill deals.
One major pitfall is letting emotions drive your decisions. This isn’t just business; it’s personal because homes are involved. However, staying objective and focusing on the goal will lead to better outcomes. Your agent can help you structure the counteroffer so that it is attractive to the other party.
Lastly, always ensure that all parts of your counteroffer are in writing and legally binding. Oral agreements may be hard to enforce in real estate transactions. Again, this is where your agent should be savvy about what is required and will lead to a successful outcome.
If you have any questions or need help with your next move, don’t hesitate to reach out. I have over 40 years of negotiation experience and would love to put that expertise to work for you.

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