Waiting to hear back from a seller on an offer you made on a Santa Cruz home for sale can be nerve wracking. Since sellers aren’t obligated to respond immediately, you may spend time waiting anxiously by the phone. When your agent finally calls you, it’s with the news that the seller has a “counter” out on the property already. What does that mean? Is your offer out the window?
Not exactly. In some states, a seller is allowed to counter or respond to as many offers to buy their home as they want. If the seller has responded to a buyer’s offer with a counter-offer and then receives an offer from a second buyer that is better, the seller does not have to accept the first buyer’s offer. The seller simply takes back the counter-offer and accepts the second buyer’s bid.
Make Your Best Offer
So, how do you make the best offer on a Santa Cruz home for sale that has a counter-offer out on it? First of all, if there is another offer on the property, submit an offer for the most money that you would pay for the house. You may not get another chance to negotiate for this dream home, and you don’t want to miss your opportunity.
Get a Pre-approval Letter
A seller will take your offer more seriously if you attach a pre-approval letter from your lender to it. If your offer is similar to the other person’s, you may win out because you have financing already secured. Many sellers are waiting for their old homes to sell before they buy a new one. If your offer will get them into their new home faster, it might be the edge you need to get the home that you want.
Increase Your Earnest Money Deposit
Make a large earnest money deposit on the Santa Cruz home for sale. If you’re unable to pay more for the home, you can increase the size of your earnest money check. You don’t lose any of the money because it will go towards your down payment or closing costs.
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Earnest money deposit