BACKUP POSITIONFOR ALL YOUR RE QUESTIONS WRITE info@batesrealestategroup.comCOUNTER OFFER TIP: Sellers who receive multiple offers often are tempted to counter for a higher price, even when the other prices are more than the list price. This is risky. In one case, a seller received two offers. The highest priced offer was for more than the list price. The seller countered this offer at an even higher price. The buyer thought the seller was unreasonable and withdrew his offer. The seller ended up selling for much less. Don’t let greed Rule your decision making. The financing proposed in the offers should be scrutinized carefully. In general, the more cash a buyer puts down, the better. Recently a seller reviewed two offers on her house. One of the buyers offered to make a 40% down payment. The other was putting 5% down. It’s far easier for a buyer to get a loan approval in the current market place if the down payment is 20 percent or more of the purchase price. Close of escrow can be an important factor for some sellers. It can be beneficial for a seller to accept a lower price if the buyer can close quickly. This is particularly so, if the sellers have already purchased and closed on another home. An offer made contingent on the buyers’ home selling is riskier than an offer from a buyer who doesn’t need to sell in order to buy. Depending on the seller’s situation, it might be wise to consider a lower offer. It’s a good idea to counter the next-best offer for backup position in case the first deal falls apart.
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