Buying a home can be a very exciting time in your life. It is a big step for many people, especially if you are buying your first home. It is important to go into this process with as much information as you can possibly obtain. Many people enter the home buying process with a blind eye and do not know what to expect or even what they should be asking for. Some people rely on their real estate agent to do the work for them. The real estate agent is there to help you but it is always better to take the time to learn all you can about purchasing a home. You can find books at the library or you can look online. It is also a good idea to speak to friends or family who have gone through the process of putting a counter offer in on a house themselves.
What You Need to Know About Counter Offers
First, do not feel pressured to accept the counter offer from the owner, you know what you want and you should be stern. Most home buyers feel desperate and think that they have to jump on the offer because of fear of losing the home. You should have a list of what is important to you when buying your home. If the counter offer is more than your maximum purchase price budget, then put together a number that will work for you. If it is possible to make a counter offer that is below your budget and is not far off from the offer price then you should go for it. Although this home may be very important to you, it does not mean you have to settle for anything that you don’t want to.
Cover the Basics
Before deciding to purchase a home, you should always make a list of what is important. If you are purchasing with a spouse or someone else then you have to decide what is most important to the both of you. If you feel the original offer was good but you could negotiate with it a bit, then decide how much is too much.
- Compare the counter offer with the original offer to decide what price you will remain stern on and what you are willing to give up.
- Try to make the offer in your favor as much as possible, if they are not willing to negotiate the asking price then maybe you can ask for them to pay for closing costs or other costs that are in your favor.
- Give them a deadline of when your offer will expire, that will put a bit of pressure on them if they are just stalling for a better offer. This is in your favor because they may act fast in fear that they may lose a buyer; make the time limite approximately 2 to 3 days.
- It does not hurt to continue your search in the process, just in case the counter offer is not accepted.
- If your offer has been accepted it is time to open escrow and start your loan process. If it is not accepted no need to be discouraged, although it may seem stressful to start the process again. In the end you will be happy that you did not settle.
All of these tips can help you make smart decisions when putting a counter offer in on a home you want to buy.