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 changes to the price, contingencies, timeline or other details.
As a buyer, you’re free to accept their offer, reject it or come back with a 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:
- Adjust the 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.
- Increase your earnest money 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.
- Offer a lease-back. Sometimes sellers need a little more time to get their ducks in a row and find their next house. Offering a lease-back allows them to rent the home from you for a set period after closing so they have time for that.
- Be flexible with your 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 dates are feasible first.
No two scenarios are exactly the same. If you need help buying or selling a home, let’s talk.