After an offer is submitted…
- Accept the Offer
- Decline the Offer
- If the offer isn’t close enough to your expectation, then there is no need to further negotiate. (I.E. Offer comes in $30k below market value and you’ve only been listed 1-14 days)
- A counter-offer is when you offer different terms to the buyer. (Remember, the home buyer is a person too, think of fair terms for your both. What might not be important to you, is to them. Find their motive as best you can.)
The Buyer Can Then:
- Accept the Counter-Offer (*Note that their initial offer is void once you submit a counter offer)
- Decline the Counter-Offer
- Counter the Counter-Offer
- You can negotiate back and forth as many times as needed until you can reach an agreement or someone chooses to walk away.
Offer is Accepted:
You will sign the purchase agreement and you are now officially under contract!
This period of time is called the contingency (due diligence) period.
Now inspections, appraisals, or anything else built into your purchase
agreement will take place.