when an interested buyer comes by, they make an offer to the homeowner. The homeowner usually will make a counter offer, which can be accepted or rejected by the bidder. Sometimes this back-and- forth goes on a while. There are both pros and cons to this situation.


One positive to the typical negotiating method is the transaction is straightforward and easy to understand. It makes the seller seem flexible and willing to work with the buyer’s needs. This strategy can work well for folks who are willing to take lower offers to simply be rid of a home.


A serious negative to this approach is that once you accept and sign off on the low offer, your house is off the market . Let me put that in perspective. Let’s suppose Sally Sue, who checked out your home last week, calls with a much higher bidding price five minutes after you reluctantly signed off on a low offer. You are now legally bound to put Ms. Sue on hold until you see if your current accepted contract works out. You could make substantially less money, and there’s not a thing in the world that you can do about it. Another con to the standard approach is that you might feel pressured to take lowball offers from deal seekers, out of fear that nothing better will come along.


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