A meeting of the minds
When a purchase offer is presented to the seller, the seller is given a specific time frame to reply. The seller has three choices when receiving an offer.
Accept the offer as it is written
Counter the offer with some of the terms changed
Reject the offer as it is written
In the event there is a counter offer, the buyer’s agent will present the counter offer to the buyer. The buyer is given a specific time frame to reply. The buyer has three choices when receiving a counter offer.
Accept the counter offer as it is written
Counter the counter offer
Reject the Counter Offer
At some point in this process either an acceptance or rejection will be achieved. Rejection means going back to step 1. Acceptance means to proceed to the next step!
The offer has now become the agreed upon purchase contract between the buyer and seller. Both the buyer and seller are legally bound by the terms and conditions agreed upon in this contract.