Ways to respond to a home purchase offer

On Behalf of | Aug 24, 2021 | Real Estate Transactions |

Numerous Louisiana residents are in the process of selling their homes. When an offer finally comes in, it can be an exciting thing — or not, depending on the offer terms. How a seller responds to a potential buyer can make or break the deal. What are the different ways a seller can respond to a home purchase offer?

Accept, counter or reject

When a formal offer is received, a seller can accept, counter or reject it. Sellers can accept it as is, meaning they agree to all the terms laid out by the buyer, or if there is something they dont like, they can put in a counteroffer with the adjustments they would like made. If the agreement is accepted as is, the sale moves forward. If a seller counters, it is then up to the buyer to accept, counter or reject the new terms. If a seller does not like the terms or thinks the offer does not warrant a counter, then it can be rejected in writing.

A response is not always necessary

Believe it or not, it is unnecessary to respond if one believes the offer is not worth entertaining. When a home purchase offer is submitted, sellers are usually given a specific period of time to respond. If a seller fails to respond by the deadline, the offer expires, and that is the end of it.

Review carefully before responding

Before responding to a home purchase offer review it carefully. Home sellers in Louisiana have the right to have an attorney look over the document before deciding whether to accept, counter or reject it. When ready, an experienced real estate law attorney can help one prepare a response.