Relocate to Wisconsin : What does it mean to "Counter Your Own Offer" ? A Thinventory Tool !

What does it mean to "Counter Your Own Offer" ? A Thinventory Tool !

  In these days of rampant Thinventory in various parts of the country....sometimes Buyers have second thoughts about the Thinventoryoffer they wrote.  Was it strong enough ?  Should they have shown the Seller more sincerity with more earnest money ? Could they have closed earlier ?  Should the price have been higher ?  How can a Buyer fix those "second guesses"....the woulda, shoulda, coulda and didn't the first time they wrote the offer ?  Question yourself

   As Broker Associates in Wisconsin...we can only answer what we can do in Wisconsin....and what we see done more often in these days of  "thinventory." 

      After an offer is written the Buyer(s) and their agent may have a discussion that goes like...."What IF....I/we would have......name that part of the offer.... increased earnest money, price, Offer to purchaseshorten inspection deadline,had a more flexible closing date etc. "  Oh those nasty second thoughts that swirl in the Buyer's head after the offer has been sent to thCrazy Clocke listing agent !

      When will the offer be presented ?  In these days of multiple offers....that is an important fact for the Selling Agent to know....and relay to the Buyer(s). 

   Hmmm...it's only 2 p.m. and the offers are not being presented until 6 p.m.  That is plenty of time to have the Buyers "counter their own offer" if they choose to strengthen it in some way.  The agent uses the  same form that is used for a "regular" counter offer...in Wisconsin, it is a WB-44, and changes whatever part of the offer that the Buyer wishes to add strength to the offer before it is presented. Voila ..A second thought FIXED ! 

    Win Lose This can be the difference between winning and losing...getting the dream house or not...and one more tool to combat the battle of Thinventory running throughout the country.

   This is a professional service post brought to you by Sally K. & David L. Hanson, Broker Associates with Keller Williams Realty honored to be of service for all things real estate in Kenosha, Racine, Walworth, Milwaukee, Waukesha, Ozaukee, Washington and Jefferson counties.

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Comment balloon 22 commentsSally K. & David L. Hanson • May 16 2017 10:26AM

Comments

Hi Sally and David... in another kind of market, this could be called "negotiating against yourself." In a thinventory market... it could prove the difference between getting that home or not.

Posted by Nina Hollander, Your Charlotte/Waxhaw/Fort Mill Area Realtor (RE/MAX Executive | Charlotte, NC) about 1 month ago

Good morning Sally and David.  Buyers who have selected you as their agents are in good hands.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) about 1 month ago

Good morning Sally and David. Thinventory has definitely changed the playing field! Enjoy your day!

Posted by Wayne Martin, Real Estate Broker (Wayne M Martin) about 1 month ago

Good morning Sally K. & David L. Hanson ,

Thinventory is definitely producing a competitive arena for all to play in! We are seeing listing agents going back to offers submitted and asking for their highest and best..new game and agents are resubmitting as requested.

Posted by Dorie Dillard, Serving Buyers & Sellers in NW Austin Real Estate (Coldwell Banker United Realtors® ~ 512.346.1799) about 1 month ago

Consumers may wonder if they are bidding against themselves, but with "thin" inventory, if you want it...do whatever you can to win it!

Posted by Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400, Long Island Condo & Home Sale Specialists (The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803) about 1 month ago

Buyers need professional real estate agents to guide them through the finish line

Posted by Harry F. D'Elia, Investor , Mentor, GRI, Radio, CIPS, REOs, ABR (Real Estate and Beyond, LLC) about 1 month ago

I have seen this before...Normally in heavy multiple offer situation.

Posted by William Feela, Realtor, Whispering Pines Realty 651-674-5999 No. (WHISPERING PINES REALTY) about 1 month ago

Sally K. & David L. Hanson if only buyers would only have more conversations with their agent! In a Thinventory market terms can make all the difference in the world to a successful acceptance of an offer.

Talking it through can lead to a much stronger offer.

Thanks for a great share.

Posted by John Wiley, Lee County, FL Real Estate GRI, SRES,SFR,PSA (Jones & Co. Realty) about 1 month ago

Good morning, Sally and David -- regardless of the market conditions, it's good to know what tools are available to buyers.  You definitely know "how to make it happen" in Wisconsin.   

Posted by Michael Jacobs, Los Angeles Pasadena Area Real Estate 818.516.4393 (Coldwell Banker Residential Brokerage) about 1 month ago

That is interesting and I think if my buyers wanted to improve their offer, I would do it verbally through the listing agent.

Posted by Brian England, MBA, GRI, REALTOR® Real Estate in East Valley AZ (Arizona Focus Realty) about 1 month ago

Sally & David, we see this as well, but have no form to do so.  We usually send an email with the changes, and if indeed the Buyer wins the bid, we re-write the offer with the new terms.

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373) about 1 month ago

Doing that before the offer is sent helps to put the best offer up front.  A modifcation before presentation may indicate a wishy-washy buyer and a red flag.  Just my opinion if I saw that coming in.

Posted by Mick Michaud, Your Texas Lifestyle is Here! (Distinctly Texas Lifestyle Properties, LLC Office:682/498-3107) about 1 month ago

Slly and David

Oh yes, those thoughts definitely swirl around as buyers have time to ponder the "what ifs."  They often ask if they will have a chance to respond to a counter and of course there is no way to know how things will unfold with multiple offers. Going in with the best offer is a great strategy to start, as is what you suggest!

Jeff

Posted by Jeff Dowler, The Southern California Relocation Dude - Carlsbad (Solutions Real Estate ) about 1 month ago

Sally and David we are starting to see multiple offers here in CT.  But Buyers countering their own offer is something I have never seen Buyers do here.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) about 1 month ago

Your knowledge of your market is invaluable to your clients!

Posted by Sharon Tara, New Hampshire Home Stager (Sharon Tara Transformations) about 1 month ago

Good evening Sally and David. This is terrific and shows wisdom and maturity.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) about 1 month ago

Dear Sally & David,

Oh, one of those clients, eh? Making your offer as strong as you can is good, but after that, it often comes down to luck.

Posted by Dörte Engel, ABC - Annapolis, Bowie, Crofton (RE/MAX Leading Edge) about 1 month ago
Yours is a situation that has never occurred in our small town. It's hard to imagine.
Posted by Marte Cliff, your real estate writer (Marte Cliff Copywriting) about 1 month ago

Thank you very much for sharing this strategy.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) about 1 month ago

In times of high negotiations there are no hard and fast rules. Making a strong and simple offer is what the seller is looking for. 

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Berkshire Hathaway HomeServices PenFed Realty, Your Clarksville Real Estate Professional) about 1 month ago

Great job...I hope you have a wonderful weekend...I need a break!

Posted by Kristin Johnston - REALTOR®, Giving Back With Each Home Sold! (RE/MAX Realty Center ) about 1 month ago

This is a great idea. Thank you for sharing. Have a good day.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) 12 days ago

Participate