Negotiating the Offer
Once your offer is written, it’s time for your REALTOR® to start the negotiations with the Seller (or represented by their REALTOR* in order to reach an agreement. Most terms are negotiable when buying and your Coast Realty Group REALTOR® has the market knowledge and negotiating expertise necessary to make sure that your offer is given the best consideration. Your REALTOR® will ensure that you are well informed through every step of the negotiation. It is important that you remain in close contact with your REALTOR® during the negotiation process so that proposed changes can be reviewed and responded to quickly.
The Seller has three options:
- ACCEPT THE OFFER EXACTLY AS IT IS.
If the price and terms meet their needs, they may decide to accept an offer, and sign the contract without alteration.Once the Seller signs a Contract of Purchase and Sale agreeing to its terms, acceptance is conveyed to the Buyer’s REALTOR®, at which time it becomes a legally binding contract.
(“Legally binding” means both you and the Seller will be bound by the terms of the contract and must perform your respective obligations as stated. Your performance can be enforced in a court of law.)
- MAKE A COUNTER OFFER.
If the offer is not acceptable to the Seller, further negotiations may be necessary to reach terms agreeable to both you and the Seller. If anything at all is changed, this is referred to as a “counter-‐offer.”The risk in making a counter-‐offer is that if the other party has changed their mind and rejects the counter-‐offer, one does not have the option to return to the original offer and accept it. But, the other party may decide to make another counter-‐offer back to you and the process of counter-‐offers could continue until an agreement is reached.
- REJECT THE OFFER.The Seller is under no obligation to accept any offer, nor make a counter-‐offer. Once you and the Seller agree to the written terms and both of you sign, the document becomes a binding contract. Be sure that you pay close attention the terms. Otherwise, you may waive some contractual rights.