As a home buyer, you have made an offer to the seller which was much lower than the asking price. If the seller has countered the offer you made, you are now in the same position the seller was in when he received your offer. As the Indians say, “you are now walking in his moccasins.”
You may accept, counter, or reject the counter offer. The seller may give a prescribed amount of time to respond. If you accept the counter offer then you have agreed to buy the home on the new counter terms. If you decide to counter back, then you are again making an offer back to the seller as you previously did.
A word of caution: there is a point of diminishing return reached very quickly when too many counter offers are shot back and forth. Primarily due to exasperation and the fact that the process is so emotional for both, more than one or two counter offers generally result in a failed attempt to reach an agreement.
A few tips:
- Try to keep your emotions out of this process. Even if you’ve fallen in love with the house, take your enthusiasm and your anxiety out of the picture. Stick to your budget. Always be prepared to walk away.
- Be patient.
Don’t be badgered into making too quick a move or going beyond your budget.
- Be courteous.
Even if you think the seller is nuts about the value of his house or has maintained it like a slob or has made a ridiculous counter-offer, don’t say so. Keep the negotiations as cordial and neutral as possible.
Good Luck!
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