How to Respond to a Counteroffer on a Home You're Seeking to Buy

If the seller doesn't accept your offer, you still have a chance. Look at the seller's counteroffer to see if you can reach an agreement.

Difficulty: Easy

Instructions

Things You'll Need:

• Calculators
• Real Estate Attorneys
• Calculators

1. Compare the terms of the counteroffer to that of your original offer. Compare the financial and nonfinancial changes.

2. Decide what items you are willing to accept and which you will reject.

3. Make changes to items that are unacceptable to you.

4. Add any new items that come up as a result of the seller's counteroffer.

5. Respond in a counter to the counteroffer, written as counteroffer number two. (The first response from the seller is counteroffer number one.)

6. Put a date of expiration on your counteroffer. Allow enough time for the seller to consider new items, but not too much time - typically 24 to 72 hours.

7. Upon acceptance, open escrow and begin the loan process.

Tips & Warnings

• Be willing to walk away. If the terms aren't what you want, don't accept them.