How Much Time Do You Have to Make a Counter Proposal

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How Much Time Do You Have to Make a Counter Proposal

Whether you are buying or selling your home, it’s likely that you are going to experience a certain degree of back and forth when it comes to sealing the deal. This is a completely normal part of the real estate process, so don’t get discouraged! If you’ve received an offer and aren’t yet willing to accept the terms and conditions set out, you can propose a counter offer. Here are the basics of counter proposals and how to make the most of your time.

Give Yourself Time

Depending on the offer, you typically have 24 to 72 hours to respond. This time allows you to properly review the offer and figure out whether or not you want to accept. If the housing market is hot and the property is garnering a lot of attention, you should plan on responding sooner than if the house has been on the market for half a year with little interest. Sellers are committed to their proposed offer until the potential buyer communicates their decision. They will not be able to accept any new offers until that time. That being said, they can retract their offer as long as the deadline is in writing. Make sure to review the offer carefully and take note of any expiration date.

Do Your Research

You may be champing at the bit to get this house, but don’t go so fast. Consider if the price is fair, the close date is reasonable, and the terms of closing costs are acceptable. Research the cost of homes in the neighbourhood and review your own circumstances to ensure you can abide by the agreement. A mortgage specialist, like the ones at Source Mortgage, can help you translate the legalese of their offer. Once you understand completely what they are asking, you’ll be able to better formulate a response.

Make a Counter Offer

Once you’ve taken a good look at the terms and conditions, you may want to propose a counter offer. It’s important to ensure all the details are correct as this will become a legally binding contract if accepted. Take the time to fully proof your offer and then send it off. Don’t be put off if it isn’t accepted right away. As we mentioned above, there is usually a bit of back and forth when it comes to nailing down the purchase price and terms of the contract.

In conclusion, counter offers are often an essential part of the home buying process. Having a knowledgeable team on your side is key to getting the fairest conditions from both the seller and buyer’s point of view. We can help. Contact us today for a consultation!

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Source was absolutely great to work with - went above and beyond to help us get everything done when buying our new home. Highly recommended!! Chad and Jenelle Richards Jan 09 2013

Chad and Jenelle Richards
Added January 23rd 2013

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