In these posts, we are trying to answer all clients’ questions. In this post, we will explain the definition of the Offers and Counter-Offers. Generally speaking, if you have more knowledge about Real Estate, then you can make the right decision.
Conditional offers or Offers:
If the buyer offers to purchase the property at the listed price with no conditions, the seller will almost always accept the offer, forming a legally binding agreement. Offers are almost always irrevocable for a specified time period. It is more common, however, for a buyer to make an offer to purchase the property at a price below that listed by the seller or to make a conditional offer. There are many conditions based on the property. In addition, the real estate salesperson can explain to their client, the conditions of their deal. Having a real estate salesperson would help you to add relevant conditions to your offer.
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In reply to a conditional offer, the seller might make a counter-offer instead of simply refusing the conditional offer. A counter-offer will usually agree with some of the conditions wanted by the prospective buyer but will exclude the rest. If the seller’s counter-offer is accepted by the buyer, the agreement becomes legally binding. In addition, Offers may go back and forth several times before a deal is finally reached.
Our team is here to help our clients step by step during their deals. This post was a simple definition of the Offers and Counter-Offers.
BABAK MEHRABI, Real Estate Salesperson