There are three little words that can make buyers very anxious: Offer To Purchase. However, there need not be any mystery or fear attached to that phrase. With an experienced professional guiding the process, feelings of trepidation can quickly turn to excitement and enthusiasm.
While many terms and conditions may be attached to an offer, the real biggie, of course, is price. While you may have heard that your off er should be a certain percentage below the asking price, or even a percentage below what you are willing to pay, consideration of your offer will always be affected by the laws of supply and demand.
When buyers compete, sellers often see full-price offers. However, when inventories are high and demand is lower, an offer below asking price could be in order. Typically, your off er will be presented to the seller(s) and/ or their representative(s). The seller may accept or reject the offer, but it’s quite common for the seller to reply with a counter-offer.
Since it’s often not a simple Yes or No answer, it is absolutely critical for you to stay in close contact with your representative, so that negotiation is handled smoothly and in a timely manner. Take heart that a counter-off er is not a rejection. As long as the off er is on the table, you can nearly always negotiate your way to Yes!