When you accept an offer, a binding contract is formed. However, if you give a counteroffer, you are rejecting the buyer´s initial offer but giving them a price and terms at which you would agree to sell. Understand that the buyer is not obligated to accept this counteroffer. Therefore, don´t counteroffer if the initial offer is acceptable because a counteroffer gives the buyer a way out of the transaction. You should make a counteroffer even if you feel the buyer´s initial offer is far from what you would like. You can make a counteroffer appealing by making a small concession in one of the following areas: price, personal property inclusion, time of possession, or loan terms. Many people want to feel they have done all they could to get the best price and bargaining is part of the package.
