Should Home Buyers Delay Responding To Counter Offers?
You’ve found a home you like and you’ve instructed your buyers real estate agent to make an offer. Later that day the sellers agent comes back with a counter offer. That’s quick, you think. Should you now respond just as quickly, or should you delay awhile and play the psychology game? It’s an interesting question and you’ll be hard pressed to find a consensus of opinion on the answer.
Good faith would suggest that, since the seller has responded quickly, you should as well. Commonsense suggests you should at least seriously consider that counter offer before responding. How quickly should you respond? If you are willing to accept the sellers counter offer, then why wait? The longer you wait, the longer it is before you can settle. In fact, if you like the home, there is a slight risk, even in today’s market, that someone could come in and counter your offer.
Likewise, if the seller’s counter offer is unacceptable, and you don’t want to play the bargaining game, then inform the seller as soon as possible that you’re not interested in their counter offer and that you are no longer interested in the home. There is no need to play any games under those circumstances. However, if you do really like the home, and you are willing to play the bargaining game, time is still important. I know there are those who suggest waiting at least 24 hours to respond, just to unsettle the seller. However, in most cases, the seller has their break point so there is no need to use psychology – if you can’t at least match that break point, they cannot afford to sell.
The best home buying experiences are those where both parties act in good faith, negotiations are fair and timely, and that both parties are honest in their approach. If you really want that home, and the seller cannot move below a certain price, you have to decide if that price is affordable and fair – if is, then settle. If it isn’t, then tell the seller, and move on. Should a home buyer delay when responding to counter offers? It’s a doubtful tactic that often doesn’t work, it just frustrates everyone, yourself included.
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October 6th, 2011 at 9:19 am
This like everything else in the real estate game can be interpreted so many ways by different buyers and sellers. I’ve noticed that buyers and sellers typically read into these things how they want to anyway, so I encourage a response from either party just as soon as they are ready and have a solid plan of action.
October 8th, 2011 at 2:11 am
Agreed. Good faith shown by both sides while property purchase leads to perfect deals. Without mutual cooperation a deal goes dull.