Why it’s a Mistake to Counter Offer

by Isaac Benmergui, Esq on December 22, 2016

Why it’s a Mistake to Counter OfferIt’s a huge buying mistake that many first-time buyers make—not bringing their best offer first. Buying a home is not like a buying a car, where haggling is common and everyone is in on the secret that the price has built-in wiggle room.

In home buying, the indication of an appropriate price is the number of showings and how quickly the home sells. Some homes may sit on the market for three months or more and still sell at list price eventually. So if you’re thinking about offering less than you can pay, you need to ask yourself why you’re offering on a property that you believe is overpriced?

The most common reason home sellers won’t counter is because it takes so much time to do so. Each time an offer is countered, the real estate agent or attorney must consult with their client on the offer and the counter. Then, that information has to be relayed to the other party. Sometimes the entire process of signing and reviewing a new offer leaves enough time for a better one to come along. By then, the offer isn’t accepted not because the homeowners were insulted or won’t deal with you, but because it’s simply not the best offer anymore.

The best scenario for a homebuyer who is serious about a home is to make their best offer first and not waste time. Chances are you wouldn’t bother making an offer on a property you thought was terribly overpriced in the first place, so if you’re considering the property, it must be priced right.

Call Miami Real Estate Lawyer Isaac Benmergui at 305.397.8547 and set up a no charge, no obligation consultation to discuss your case. We have over a decade of experience handling Real Estate and Civil Litigation cases throughout Miami and South Florida, and will use our expertise to help your case to the best of our abilities.

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