Negotiating a Home Offer
Making a solid offer is the first step toward buying your dream home, but remember - Sellers have goals in this process, too. Your first offer may not be accepted as is.
In many cases, a Seller will respond with a counteroffer — a new version of your offer with adjustments to the price, contingencies, timelines, or other details.
As a Buyer, you’re free to accept their offer, reject it, or come back with an additional counteroffer of your own to continue the negotiation process. We can work together to decide the best course of action, which often includes one or more of the following strategies.
1. Adjust Your Price
You may find success if you offer slightly more than your previous offer, especially if there are lots of competing bids from other Buyers.
2. Increase Your Deposit
Offering more earnest money could show the Seller you’re serious about the home - and that you’re not likely to back out of the deal.
3. Chattels and Fixtures
Sometimes a negotiation comes down to what you've asked the Seller to leave behind. As an example, do you want the fridge, stove, and other appliances, etc? The Seller may need them for their next home, so you may need to make some concessions.
4. Flexible Closing Date
By the same token as above, you can also offer a closing date that better matches the Seller’s timeline. Just be sure to check with your loan officer to ensure the new date is feasible.
5. Adjusting Contingencies
You may have to alter some of the timelines of your conditions. Or, even consider removing some of them depending on the situation. Sellers may require certain conditions too, which is all part of the negotiating.
No two scenarios are exactly the same. If you need help buying or selling a home, please reach out to us.
