This is how counteroffers work here in the state of Texas.
A real estate counteroffer happens after a seller has received an offer from a buyer but doesn’t agree to all the terms. There are different items that a seller might counter with.
The first and most common is price. If you didn’t offer the seller exactly what they were asking for, they’re more than likely asking for higher consideration for the purchase of their property.
A seller also might ask you to increase the amount of your earnest money. Earnest money is typically 1% of the sales price, and in a multiple-offer situation, the seller might ask for more.
They may also refuse to pay for certain reports that you’ve asked for, or counter different service providers in the contract. It’s negotiable who pays for the title policy and which title company is hired. A seller may also want to counter the closing date or possession date.
A seller might counter with a request to increase your earnest money.
Certain items may be asked to be excluded from the sale if you’ve asked to include these items in your offer.
In Texas, there are many protection periods for buyers, and they all come with different time frames. A seller may want to shorten some of these time frames or release different deposits earlier than you may have thought.
If your agent makes a mistake on the contract offer, there’s a chance the seller will counter with that as well.
If you have questions for me about counteroffers or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.