If you're on the fence about whether to reject or accept an offer to purchase, you may be pondering over a third option: submitting a counteroffer.
Deciding to counter-offer can be a tough decision for first-time and experienced house sellers alike. However, with the right preparation and research, you can handle submitting a counteroffer with confidence.
Assess your residence
Even though your home’s initial asking price is not set in stone, you likely have expectations about how much your home should be sold for. If a homebuyer submits an offer to purchase that falls below your expectations, assessing your residence can help you make the best-possible decision.
For instance, if your home is in great condition and has unique aspects worthwhile to buyers, when a low offer is submitted, you may want to consider countering the offer. This can give you a better idea if the potential buyer is financially flexible and helps you to get an offer closer to what you think your home is worth.
Review the housing market
Housing market data can help home sellers make informed decisions as they sell their home.
It's beneficial to examine the prices of similar properties being sold in your area. This can help you determine if an offer meets your needs and industry standards, or if it falls too low.
Work with a real estate agent
A real estate agent is a house selling expert who can allocate the necessary time and resources to help you review an offer to purchase. They can provide a recommendation about whether to counter a homebuying proposal and review all available information to see if this is the best course of action.
Using the aforementioned tips, you can perform a full evaluation of an offer to purchase and proceed accordingly.
About the Author
Kimberly Hering
Kimberly Hering's devotion to helping people achieve their real estate goals stems from her genuine enjoyment of the process. Whatever the task, Kimberly makes it her mission to get it done, however she can, without compromising her client's needs. Often, that means thinking outside the box. After working with Kimberly, clients describe her as being Trustworthy, Creative, Patient, Highly Skilled, Attentive to the Process and having a lot of Integrity.
After spending more than 15 successful years working on Wall Street, Kimberly transitioned into Real Estate, joining Alain Pinel Realtors, then moving to Zephyr, now Corcoran Global Living, in 2018. During her career on Wall Street, Kimberly was a Vice President working as an Institutional Equity Salesperson for Montgomery Securities for 10 years. She covered the top money managers throughout the US and Canada. She joined Jefferies & Co as a Senior Vice President managing the Western Region Institutional Sales group, while continuing to cover the top money managers.
Kimberly leverages her extensive experience selling equities to top money managers throughout the US and Canada, to successfully negotiating any Real Estate transaction seamlessly for her clients. Kimberly is well versed in Marin's neighborhoods, towns, cities, and education system.
Living in the Bay Area for 35 years, 25 years in Marin and having 2 sons in local Marin schools, Kimberly spends a lot of time volunteering in the community and serving on various local Boards. Kimberly has a collection of resources ranging from the best local breakfast spots to vetted contractors. With her reliable list of valuable resources, Real Estate experience and unsurpassed knowledge of Marin's many communities, Kimberly can guide her clients through every aspect of a Real Estate transaction seamlessly.
Relocating to Marin, downsizing, upsizing, first time home buying, final home purchase or sale, or a lot to build a dream home, no matter the undertaking, Kimberly works seamlessly until the job at hand is completed with 100% satisfaction.