When you submit an offer to buy a house, the deal is not through yet. In fact, it will take approximately a month before the deal actually closes, as there are a lot of things that must take place. For any of this to even happen, though, you and the seller must reach a deal that you both agree to. Once you submit your offer, you should understand that the seller may want to negotiate with your offer, and these are some of the things a seller might negotiate with.
The Price You Offered
The price is usually the first thing a seller looks at when receiving an offer; however, it is by far not the only thing that matters. The price does matter a lot, though, because it is basically the starting point of the offer. If you offer a fair amount that is close to the asking price, the seller might initially love the offer. The seller will need to look over other parts of the offer before agreeing to it, though, as the other parts affect the deal. If the seller is not pleased with the offer amount, especially after reviewing all the other parts of the offer, he or she could counter it with a higher amount.
The Contingencies You Included on It
Adding contingencies to an offer is very normal and expected, but the contingencies you add might not be extremely favorable to the seller. An example of one you might use is asking the seller to pay $4,000 of your closing costs. If this is the case, the seller would likely subtract this amount from the offer amount, as basically the offer is $4,000 less due to this contingency. In fact, the seller will deduct every amount for each contingency from the offer amount to get a true bottom line for the deal. Sellers can counter offers by removing contingencies or by modifying them in some way.
The Timing of the Deal
The other part of the offer the seller might negotiate is the timing of the deal. If the seller wants less time or more time, he or she might make this change on the counteroffer.
These are really the only things a seller may question and negotiate over after receiving a purchase offer from a buyer. If you are not sure what to expect after you place the offer, talk to your real estate agent.