When a buyer submits an offer, the seller has the right to accept, reject or counter the offer. In this market of many buyers and very few homes most buyers would be thrilled to have their offer accepted or even countered. With a counter offer the seller can counter either price, terms or both. This process can go back and forth multiple times if needed for the buyer and seller to agree on a price and terms both parties are satisfied with. The best part about a counteroffer as a buyer is that only their offer has been selected to be countered and for the time being they are in a position to go into contract. Once the counteroffer is signed by both parties the contract becomes active and moves forward with escrow. Sometimes both parties cannot come to an agreement in which case the seller can select or counter another active offer, or keep the property on the market longer. What is a seller multiple counteroffer? A seller multiple counteroffer is when there are multiple offers for a property and the seller chooses to counter multiple offers on price, terms or both. In this case it is not binding once the buyer agrees or comes up on their offer based on the multiple counteroffer. Basically it is letter the buyer know the seller is considering multiple strong offers and they have one more chance to make their offer stand out against the competition. When this is the case, the seller has more leverage because the agents for the buyers are in the dark about what the other price and terms of the other offers were. In my experience having my offer selected in a multiple counteroffer scenario it came down to having strong communication with the listing agent to determine in advance what it would take to have our offer stand out!
Keller Williams Realty Danville
CA DRE # 02108792