You’ve just placed an offer on your dream home, and you get word from the seller that they are going to counter your offer — great news, right? But then you read further and realize they are also going to counter other offers that were submitted. Is this possible, even legal? You bet…welcome to world of multiple-counter offers.
This is probably one of the most commonly misunderstood stages in a real estate transaction. What if everyone accepts the sellers counter-offer? It almost appears that the seller could run the risk of selling the house twice (or however many offers they countered.) Fortunately, the critical steps to successfully execute a multiple counter-offer are spelled out very well on the counter offer sheet. But it’s critical for all parties involved to understand when and where to sign this form, and most importantly, when it becomes a legally binding contract to sell the house.
If you are the seller, countering more than one offer seems like a no-brainer, right? Not so fast. Just like any counter-offer, you run the risk of the potential buyer just saying “No, thanks” and then you’re left with no offer at all. It’s critical that you understand this process, and all the possible risks and outcomes.
Click on this link for good article by Dian Hymer that explains the process in detail: The Pro’s and Con’s of Multiple Counter Offers
If you are thinking of buying or selling a home, I’d highly recommend reading this. Arm yourself with knowledge!
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