When you find the house that you want to purchase, you will have to write an offer to buy it, and this is called a purchase offer. The seller will then review your offer and will respond to it. One of the responses you should expect to receive is called a counteroffer. This type of offer means that the seller is not accepting the offer you made but is making a few changes to it. You will then have to review the counteroffer and determine how you will respond to it. Here are some of the things you might see in a counteroffer when buying a house.
A change of price
One of the most common things you will notice in a counteroffer is a change of price. If you offered $180,000 for a house that had an asking price of $200,000, the seller of the house might change the price to $190,000, or any other amount. A seller will do this if the offer amount is less than what he or she wants from the house; however, the seller will also factor every other detail of the offer in as he or she reviews the offer received.
A second change that is common with counteroffers is the removal of contingencies or changes with contingencies. If you asked the seller to pay $5,000 of your closing costs, the seller might counter this by changing it to $3,000. This would mean that the seller is willing to pay $3,000 of your closing costs instead of the amount you listed.
If there is a contingency the seller does not want in the deal, the seller might remove it. For example, if you asked the seller to replace the bathtub in the house and the seller does not want to do this, the seller might remove this contingency. The seller may also add a line that states that he or she is willing to give you $1,000 to replace the bathtub yourself.
Removal of items that you want with the house
If you are asking the seller to leave something in the house that normally would not be included in a house deal, you might see that the counteroffer has a removal of this item. For example, if you want the dining room table and add this to your offer, the seller might remove it if he or she does not want to part with this table.
These types of changes are not uncommon with counteroffers, but every deal is different. If you are wondering more about this, talk to your realtor.Share