Columbia, South Carolina real estate is our specialty! Serving the Columbia, SC area, including Lake Murray, Cayce, Chapin, Irmo, Lexington, West Columbia
and more!
Offers and Counter-Offers
At the time we initially write the Offer To Purchase, it is just that . . an offer, only. It can be withdrawn any time up to receiving a signed accepted copy back from the Seller or the Seller’s agent. If the Seller(s) signs it without making any changes whatsoever to it, as soon as Earth Available Realty, Inc. receives it back, it is considered a completed, legally binding Contract.
However, if the Seller makes any change whatsoever in the Contract, no matter how small, they have not accepted your offer, they have made a Counter-Offer. You are not legally bound to anything at this time. You may accept their Counter-Offer; you may make a different Counter-Offer back to them, or you can walk away and look for another property. You need to be aware, though, that the Seller may not be bound, either. In the meantime, if another agent brings in an Offer to Purchase for that same property the Seller is free to accept or counter that offer until they have received back from you a signed acceptance with absolutely no changes to their Counter-Offer. If you make a single change, no matter how small, then you have not accepted their offer, you have made a Counter Offer to their Counter Offer and they are not obligated to go forward.
It is not at all unusual for this to go back and forth several times as different aspects of the contract are negotiated to a point where everyone is happy, and we have what is called “a meeting of the minds.” Many people are very uncomfortable with this type of negotiating, and having an experienced EBA at your side can take a lot of the stress out of the process. It is very important to be aware, though, that until that happens, neither the Buyer nor the Seller is obligated. For this reason, once we have made an Offer, if we receive a Counter-Offer, we will want to be able to get with you as quickly as possible, to discuss how you want to proceed, so that we don’t lose a house you really wanted to another offer coming in, in the meantime.
In reality, what happens most times is that the Listing Agent will tell the agent working with the Second Buyer that they already have an offer on the table, so they will be in competition for the property with us and they should make their best offer. If they have already Countered, but you have not yet accepted or responded to their counter, they will usually call Earth Available and say, “We are withdrawing our Counter-Offer on this property, because we have another offer coming in.” At that time we will call you and say “There is another offer coming in, so at this point you have one opportunity to make the best offer you want to make and hope that we will have the best offer.” It is totally your decision as to whether you go back with another offer or move on to another property. This is, however, one of those occasions when we might advise you to make an offer higher than the Listing Price. If the property was priced at a very reasonable price to start with, or if it is absolutely the “Home of Your Dreams”, it may well be worth another $100.00, $500.00 or $1000.00 dollars to make sure you get it. It is always our goal to get the best house for you at the best possible price. The Seller’s circumstances and/or the amount of interest other buyers are showing in the house, however, will frequently determine what the best possible price is going to be.
In today’s real estate market there are many foreclosures and “short sales” being offered by lenders. At times buyers feel like kids walking into a candy store. So many choices, so many deals. It is best, however, to have an Exclusive Buyer Agent on your side to guide you through the maze of purchasing one of these properties. Banks are not always logical in their decision making and are being pulled on all sides by both the government and their stockholders. Many of them are also inundated with the paperwork for hundreds of these sales and it can take several weeks longer to be able to get an Offer worked out and then to get to the Closing table.
Ask Hugh and Carol Ryall, Earth Available Realty, Inc., about real estate and homes in the Columbia SC area.