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. You can decide the best course of action, which often includes one or more of the following strategies:
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. You can 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.
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