But, what happens if, during the Counter-Offer negotiations, the Seller receives an offer from another potential purchaser, or (and this scenario DOES happen) the Buyer sees another home they would like to bid on? Can the Seller accept an offer from another potential purchaser? Can the Buyer present an offer on a second home?

The answer to both is "Yes"! Neither the Seller or Buyer is under any obligation to accept the Counter-Offers that have been going back and forth between them. Why? Because each Counter-Offer is considered a new offer - and neither party is required to agree to this new offer. It is quite possible that neither the Seller or Buyer will know the reason that the other party moved on…but it is very important to know that they can….and often do.

The following tips may help you avoid disastrous results during the negotiating process:

1. Know upfront which aspects of the contract are most important for you. For example, is the price the most important factor, or can you bend a little there to receive the closing date that you need?
2. Communicate your desired outcome to your real estate agent. Your agent's experience will help in evaluating the best approach to negotiating your specific offer and the outcome that is important to you.
3. Allow your real estate agent to educate you as to what is happening in the marketplace at that time. This allows you to be realistic in your approach. Remember, education is powerful.
4. Don't be afraid to let the other party know of your interest in selling/buying the property. Too many times I have seen one party or the other take a nonchalant attitude…and I have seen this approach backfire! (For example, typically Sellers want to know that they are selling their home to someone that has a real interest in the home - the emotional side of negotiating - and are actually more willing to negotiate when they believe the Buyer truly wants the home and will take care of the home.) Here, it is best to discuss with your real estate agent how much the agent should share with the other party (and putting this information in writing is good for everyone involved).
5. I recommend negotiating in good faith with the other party. More often than not, it is the secret to a successful home sale!

Take advantage of your real estate agent's experience. Ask questions. Listen to the answers. Have a thorough understanding of the process.

Good Luck!

©2002 Marge Harris. Publication or use of this article on or off-line without written permission from Marge Harris is prohibited. If you would like to use Marge's articles on your Web site or in your publication, just email Marge for details!

Email Marge
info@margeharris.com
www.MargeHarris.com

RE/MAX Center 100 N. Atkinson Road, Suite 106 Grayslake, IL 60030 PH: 847-223-7878 ~ 800-25REMAX FAX: 847-223-1703

©1998-2007 margeharris.com
[ Site Disclaimer ][ Privacy Statement ]