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Tip 5 Keep the Ball in Play
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The goal in bargaining is to keep the ball in play You always want there to be a counteroffer somewhere en route The moment either you or the sellers stop countering, the deal is dead
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Tip 6 Pay Attention to Timing
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When you make an offer to a seller, it is open ended That means that you ve written down the price, the terms, and any other conditions that you want, and that you agree to be bound by them If the seller accepts and communicates that acceptance to you, you re on the hook However, things change The house you re in love with today may not be so appealing tomorrow Yet another home may come along that really turns you on next week Your nancial condition could change Therefore, you don t want to make this open-ended offer last forever Further, if you give the seller lots of time to consider your offer, someone else may slip in a better offer Therefore, you want to set a strict time limit on your offer and your counters Make your offer for as short a time as practical 24 hours is not unreasonable Midnight of the day the offer is presented may not be unreasonable, if the sellers can easily be reached (Be sure to take into consideration how long it will take to contact the sellers But remember, today, almost everyone is reachable by phone, FAX, or email)
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Tip 7 Don t Let Agents Bully You into Giving More Time
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Sometimes agents will encourage you put in a long period of time four to ve days or even a week for acceptance to take place They may say that it will take that long to convince the sellers to sign This approach makes sense only if the sellers are out of the country, maybe off the planet! Even then it may only be marginally good advice Remember, the more time the sellers have to think about it, the more time for them to talk themselves out of accepting it And
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12 Tips for Making Successful Counteroffers
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the more time there is for someone to come in with a better offer Giving the sellers a lot of time to accept is simply cutting your own throat
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Tip 8 Be Prepared to Withdraw Your Offer
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It s important to understand that although your offer is open ended (you re committed; the sellers aren t until they sign), and although it has a de ned time limit for acceptance, you do not have to keep it open Anytime before the sellers sign and that acceptance is conveyed to you, you can withdraw the offer You make an offer at 5:00 o clock that the agent will present to the sellers at 8:00 o clock At 8:30, you call the sellers house and ask the agent if they ve accepted He says he s just presented it and they re thinking about it They ll probably sign in a few minutes You instruct him to withdraw the offer immediately The offer is no longer good Why would you want to withdraw an offer There are lots of reasons Soon after submitting an offer, you nd a better house at a better price You want out of the offer immediately Or, perish the thought, you or a family member has a car accident or you discover that you have a debilitating disease and you don t want to go through with the deal Or you re simply being ckle It doesn t matter You don t have to have a reason You can withdraw the offer anytime before acceptance is communicated to you
Tip 9 Don t be Confused by Talk That the Sellers Have Accepted Your Offer with a Few Minor Changes
Many rst-time buyers are unaware of the important subtleties of unaccepted offers I have seen agents get sellers to make a counteroffer, then call the buyer and say, Congratulations your offer was accepted! Only the seller made a few changes that I ll need to drop by and have you initial I ll explain it to you when I get there That s wrong If the seller changes anything, it s a new offer totally and completely A counteroffer is just that It s a new offer that the
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