THE BROKER SERIES — 01 — Eight Counteroffers

Eight Counteroffers. Yes, EIGHT.

By Jessica Garrett | Broker & Owner, Mighty Oaks Realty

You know that saying, “We're on the same page”? In real estate, I prefer that "we're on the same page of the written contract." Literally.

I represented sellers who received an offer on their Tennessee home. The purchase price looked promising, but the language about closing costs and title expenses wasn't clear. (Tennessee purchase agreements can address these expenses in different provisions, and the ambiguity could have meant thousands of dollars in extra expenses for my sellers.) But the buyer's agent repeatedly said we were “on the same page.” I appreciated the reassurance, but it wasn't the same as having the terms clearly in writing.

So, we countered. And countered again.

Eight rounds later, we'd negotiated written language clarifying who would pay which expenses.

No, eight counteroffers aren't anyone's idea of a relaxing afternoon. But the purpose wasn't to force someone to accept an obligation they hadn't agreed to. It was to make sure both parties had a clear, mutual agreement before signing.

An offer is more than a price. Concessions, title costs, and terms affect what you take home. If you're thinking of selling, let's look beyond the offer price and talk about what the terms could mean for your bottom line.

— Jessica

Jessica Garrett | Broker & Owner Mighty Oaks Realty

Serving Greater Chattanooga, Southeast Tennessee & North Georgia

Mighty Oaks Realty office: 423-708-2589

ABOUT THE BROKER SERIES: These are educational accounts of real estate experiences. Some identifying details may be generalized or omitted for confidentiality. Negotiated outcomes were specific to those parties and are not guarantees or assertions of preexisting legal obligations. Not legal, tax, lending, inspection, or engineering advice.