Maine Home Connection
Home Home About Us About Us Contact Us Contact Us
MHC MHC MHC MHC MHC MHC
Buyers Sellers Stats Maine Blog Properties
Explore Communities
Search All Properties
Weekly Open House
Local Lifestyle Videos
Your Home's Value
Waterfront Real Estate
Relocation Services
Featured Listings
Home Finance & Mortgage
Retirement in Maine
Real Estate Investing
Featured Properties
Enter a keyword to search the site

Features & Services
  
Your Home's Value
My Home's Value:
Receive a Report of  Your Home's Value 
New ConstructionGreen Homes: 
Guidelines, Builders, Green Homes
Your Homes ValueMarket Insights:
Current Home Sales Reports & Statistics 
Sold PropertiesSold Data:
View All Recent Home Sales History
Left-MarketingHome Marketing:
Maximum Exposure© Home Marketing 
  
...Manage Your Account
  
Login
Existing Users:
Login with your email address only
Existing UsersNew Users: 
Simple signup to view   all Maine properties.
Contact Us
Contact Us:  
Call or email us with your questions.
  
Newsletter Signup
Join Our Blog

Selling Maine Real Estate

Offers and Counteroffers

Counteroffer forms aren’t very complicated to prepare. They are often short because they are used to fine-tune the terms and conditions of offers received from prospective buyers.

When going over the buyers' offer check that everything is OK. If it is fine with you, except for one small point, don't rewrite the entire offer. Instead, give the buyers a counteroffer stating that you will accept all their terms and conditions except that you want $200,000 for your house, and you need six weeks after the offer is accepted to close escrow.

That way the ball would be back in the buyers' court. They would then review your counteroffer and decide that a six-week close of escrow is okay, but they won't pay more than $195,000. That’s when they send you a counter counteroffer to that effect. If you agree, you sign it, and the deal’s done.

Define a Timeframe with Counteroffers

A loan contingency may state that the buyers have 30 days after the offer is accepted to get a mortgage approved. If the prospective buyers can't get a loan within 30 days, you have the choice of either giving them a few more days to get financing or putting the house back on the market. Either way, you are in control of the situation.

Good contingencies always have timeframes where buyers must complete a specified action or cancel the contract defined. We advise that you never accept a contingency that’s open ended. When setting timeframes, be firm but realistic. The faster you close the deal, the better. It is important to remember that you don't want your house off the market any longer than is necessary.

Obtaining Back-Up Offers

You would be wise to protect yourself by seeking a back-up offer if you suspect that the deal on your house may fall through for any reason. One situation in particular that requires a back-up offer is any contract that contains a "subject to sale of buyer's property" contingency. A back-up offer is also advisable if you and the buyer can’t agree on some negotiable provision of the contract or if the buyer is obviously struggling to qualify for a mortgage to buy the property.

A good back-up offer states that you have already accepted another offer on your property. It also stipulates that the back-up offer will not take effect until you give the back-up buyers formal written notice that the previous contract has been canceled. Therefore, the back-up offer will only take place if the contract with the buyer in first position is canceled.

Be aware that motivated buyers generally don't stay in back-up position for very long. They keep looking at other properties after signing your back-up offer. As soon as something better comes on the market while you have them on hold, they could take it. Back-up buyers can usually cancel a back-up offer anytime they want, until you advise them that the offer in first position has been canceled.



 
Buying Your Home Heart and Mind Buyer Agency
Exclusive Services Agency Relationships Title Insurance
Home Buying Process Advice and Strategy
Affect of the Economy Determining A Price First Time Buyers Viewing Homes Second Homes Home Search Strategy Waterfront Real Estate
Common Forms
Selling Your Home Your Home's Value Home Marketing
Digital Photography High Definition Video Property Storyboard Virtual Staging Internet Marketing
Pricing Factors Advice and Strategy
Counteroffers Establishing a Price Listing Agreements Feng Shui Principles Considering Repairs Value of Improvement Choosing A Realtor Common Mistakes
Home Selling Process
Stats
Maine Maine History Maine Geography Maine Economy Maine Demographics Maine Education Maine Climate Maine Beaches
Maine Real Estate Blog
Search for Properties Virtual Home Buying Hyper Local Search
Maine Communities Portland South Portland Scarborough Falmouth Cape Elizabeth Cumberland Yarmouth Old Orchard Beach Freeport Harpswell
Search For Homes Maine Map Search Detailed Property Search Search By Address Search By MLS Number
Open House
Local Lifestyle Videos
Home Valuation
Waterfront Real Estate Coastal Maine
Maine Coastal Properties
Maine Lakes
Maine Lake Properties
Maine Rivers Casco Bay Islands Waterfront - FAQ's
Relocation Services Relocation Package Maine Counties Quality of Life Education and Schools Art and Culture Property Tax Rates Common Relocation FAQs Moving Long Distance
Mortgage Center Mortgage Types Credit Scoring Fee & Closing Costs Mortgage FAQs
Retirement in Maine Retirement Planning Retirement Communities Changing Demographics
Real Estate Investing Vacation Homes 1031 Tax Exchanges Condos and Townhomes Remodeling: Cost vs Value