You’ve made an offer to purchase a perfect home.
The seller can choose to accept the offer as written; the seller can choose to reject the offer; or the seller can generate a counter offer.
Typically, a counter offer will state that the seller has accepted your offer subject to the some particular changes.
The particular changes the seller counters are most often the total price and length of escrow, but the seller may counter any item on your purchase offer. The seller’s counter offer to your orignal purchase offer becomes Counter #1.
Just as a seller can submit a counter offer to a buyer, as the buyer, you may counter the seller’s counter, which will then become Counter Offer #2. There is no limit to the number of counter offers that can be submitted back and forth.
When both buyer and seller finally agree on all terms and conditions, and the final counter offer is signed by all parties, we have “mutual acceptance” and a legally binding contract.
The complete purchase contract now consists of the original purchase offer, the entire series of counter offers, and any addendums that were made part of the purchase contract.
This entire contract is delivered to the escrow company to “open escrow” and start the process of transferring title to the property.
Would you like to know more? Call Bob Taylor Properties at 323-257-1080 or email at email@example.com