Real Estate Tips from Bob Rich-Counter Offers

As a home buyer, you have made an offer to the seller which was much lower than the asking price. If the seller has countered the offer you made, you are now in the same position the seller was in when he received your offer. As the Indians say, “you are now walking in his moccasins.”
You may accept, counter, or reject the counter offer. The seller will give a prescribed amount of time to respond. If you accept the counter offer then you have agreed to buy the home on the new counter offer terms. If you decide to counter back, then you are again making an offer back to the seller as you previously did.
A word of caution: there is a point of diminishing return reached very quickly when too many counter offers are shot back and forth. Primarily due to exasperation and the fact that the process is so emotional for both, more than one or two counter offers generally result in a failed attempt to reach an agreement.