Jann Seal reports:
"Submit [an approved] legal counter offer form...Outline only the details to be changed because any unchanged paragraph in the original purchase contract is wrapped into the counter offer. Decide what points in the purchase contract you want to counter and under what terms. Do not mark your changes on the original purchase contract; they won’t be binding...Increase the purchase price only if you can substantiate the raise with market comparables. Remove emotion from your negotiations, and focus on market data. Remember that most offers are submitted with the parties knowing that negotiations are to follow...Increase the deposit terms to establish that the buyer is serious. Counter with a step-deposit, with increases in the deposit amount placed in escrow as contingencies are removed...Request a copy of the buyer’s mortgage approval paperwork. Expect a bank appraisal to verify the lender’s risk in approving the loan amount. Renegotiate if the lender’s appraisal comes in under the selling price. Request that the buyer raise more cash, or lower your price to meet the appraisal. Any agreed changes will make up the new purchase contract...Indicate on the counter offer an expiration date and time. Until then, neither party is obligated under the terms of the contract...Agree on a method of acceptance during the time the counter offer is being transmitted and prior to final signatures being received, whether it’s by mail, fax or email. Do not accept an oral agreement without a transmission verification during this period...While in the process of a counter offer, continue to market your house and be open to additional purchase contracts because no purchase contract is finalized until all parties agree and sign the contract...Accept only a counter offer that's put in writing because an oral agreement is not legally binding."
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