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Answer: The seller can counter-offer the list price with a higher price. It would be helpful to be given a reason and smart for the agent to share, if sharing does not violate any confidential information. There could be extenuating circumstances the seller (or agent) has little control over.
Is it smart to offer over asking price?
Some real estate professionals suggest offering 1% 3% more than the asking price to make the offer competitive, while others suggest simply offering a few thousand dollars more than the current highest bid.
Can buyer walk away from a counter offer?
Yes, you can walk away after making an offer on a house. Until both the seller and the buyer come to an agreement on the terms of the contract and officially sign the purchase agreement, you can back out of the offer.
What is the counter offer rule?
A counteroffer functions as both a rejection of an offer to enter into a contract, as well as a new offer that materially changes the terms of the original offer. Because a counteroffer serves as a rejection, it completely voids the original offer. Thus, the original offer can no longer be accepted.
Can you counter offer higher than listing price?
Absolutely, the seller can counter your offer above the listing price, says David Welch, a Realtor in Winter Park, FL. Whether or not the property will appraise is a different question. That, of course, is one of the difficulties of finding the right price for a home.
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What happens when a buyer rejects a counter offer? A counter offer legally voids the buyers original offer. It typically releases them from any legal obligation they had towards the original contract, and theres nothing you can do should they choose to reject your offer.
What should I counter offer on a house?
You can increase your asking price by enough to still get as high as your list price after paying the buyers closing costs. If your list price is $200,000, and the buyer offers $190,000 with $6,000 toward closing, you would counter with something between $196,000 and $206,000, with $6,000 for closing costs.
Can you counter a full price offer?
Home sellers are free to reject or counter even a contingency-free, full-price offer, and arent bound to any terms until they sign a written real estate purchase agreement.
What is an example of counter offer?
Example: Susan Seller offers to sell her house for $150,000, to be paid in 60 days; Bruce Buyer receives the offer and gives Seller a counter offer of $140,000, payable in 45 days. The original offer is dead, despite the shorter time for payment since the price is lower.
Can you back out of a counter offer?
A seller has the option to withdraw a counter-offer any time prior to your accepting the counter offer in writing and delivering it to the sellers agent.
Understand four of the main concepts of contracts: offer, counter-offer, acceptance, and consideration. Continue to develop comfort negotiating.
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