You put an offer on a great home, and the response from the seller comes – a counter-offer, marked “MULTIPLE COUNTER OFFER”. What does it mean? What should you do? Well, first of all, don’t panic!
What Does “Multiple Counters” Mean?
Often in today’s Orange County Real Estate market, homes in high demand because of price or some other factor will attract more than one buyer. This is especially true for Single-Family homes price around $500,000 or less. When a home for sale attracts more than one buyer who makes an offer, the seller has several options. One of those options is to make a “counter offer” to the prospective buyers.
If counter offers are made to more than one offer, that is a “multiple counter offer” situation.
Know the Market
As I said – don’t panic, or let emotions take over. It’s very hard to know exactly what the seller is thinking or what there motivations might be, so just stick to the facts. How does the home compare to others on the market, or that have sold recently? Are there special features (or flaws) that make the home stand out? How does the seller’s counter offer relate to that market knowledge?
Know Your Limits
Regardless of the market situation, keep in mind what your own limits are, and don’t go overboard. If you’ve set a budget that is being pushed, go ahead and review that budget, but don’t abandon it in the face of some competition.
Make an Informed Decision
Now that you’ve thoroughly reviewed both the counter offer, the market, and your own limits, decide on a course of action. You can respond to the counter offer with a counter offer of your own – which might include either a higher or lower purchase price! You can accept the counter, and hope that yours is the offer that’s accepted, or you can decline to respond and start looking for the next deal. Whatever you decide, rest assured that you’ve carefully weighed all the options and made the BEST POSSIBLE OFFER based on your own limits and the market conditions.
Unlike when the seller makes a counter offer to a single offer, the buyer’s acceptance of the offer
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