Oregon Counter Offer to Purchase 3 - Residential
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How to fill out Counter Offer To Purchase 3 - Residential?
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FAQ
The pros of writing multiple real estate offers If more than one property fits your needs and you know there is likely to be a bidding war, then making offers on them all could be your best bet at getting at least one of them accepted. It's like throwing spaghetti at the wall and seeing what sticks.
Any change to an offer creates a new offer, called a "counteroffer." Like an offer, a counteroffer can be withdrawn by the seller at any time before it is signed by the buyer and the signed acceptance is delivered back to the seller or his agent.
In short, a realtor might lie about having multiple offers. They can exaggerate the level of interest they have in a property to drive the price up. The goal is to close the deal as quickly as possible. But doing so isn't exactly an ethical practice.
There is no law against making offers on more multiple houses. However, as a seller, this can put you in a difficult position, since you can never be sure if the buyer you have accepted an offer from or are considering is as serious as you are about your property.
Multiple Offers in Seller's MarketsSubmit a Large Earnest-Money Deposit.Show the Seller That You're Qualified.Give the Sellers Time To Move.Shorten or Waive Some Contingencies.Offer To Bridge the Gap Between Appraisal and Sales Price.Write Your Best Offer.Sell Your Existing Home First.Play Nice.More items...
It also specifically states that if the buyer, or buyers, accept the seller's terms, the multiple counter must be re-signed by the seller to be binding. This re-signing requirement protects against selling the home to more than one buyer. So the final say on which offer will prevail rests with the seller.
The big question, when responding to buyers, is what can, or should, the seller tell one buyer about another buyer's offer. There is a general real estate myth that one buyer's offer cannot be shared with another buyer. As a matter of Oregon law, that is not true.
Is it Legal to Put an Offer on More Than One Home at a Time? Yes, it's legal; however, some jurisdictions might not allow it or have certain stipulations that go with doing so. Therefore, you should check with a real estate attorney if this is something you choose to do.
A seller cannot respond to multiple offers by sending a simple counteroffer to each potential buyer. More than one buyer could accept the counteroffer giving each buyer a valid contract, but the seller would not be able to sell the property to more than one of them.
Counter at Your List Price.Reject the Offer.Try to Create a Bidding War.Put an Expiration Date on Your Counteroffer.Agree to Pay Closing Costs.