COUNTER OFFER

A prospective buyer has made an offer for less than your asking price. You would sell for less than your original asking price but not as low as the current offer to buy. Now is the time for a counter offer.

As with an offer, the best way to make a counter offer is in writing, setting out exactly what your new terms are. Nothing of significance should be left out. This means in addition to the new price; such important items as how long your counter offer will be open and whether you are willing to provide some or all of the financing in order to obtain the price you want. You should spell out EXACTLY to what extent you are willing to engage in owner financing – if at all – including the interest rate and term of years for repayment. The written counter offer should include space for the buyer to sign his acceptance. Once the buyer has signed your counter offer, a new legally binding contract is created.