Let's say someone makes an offer on your home that's pretty good but not quite acceptable to you. You should send back a counteroffer, right? Perhaps not. At least not in the traditional sense. If you mark up changes to the original offer and send it back, the other party then has the ability to make that counteroffer a binding contract. What if shortly after you send out the counteroffer, you receive another offer—one that's more attractive then the counteroffer you just sent? If you try to accept the second offer, things can get messy.
Instead of countering the first offer, you may want to communicate to the person who submitted it that their proposal is not acceptable, but that you would look more favorably on a offer that met certain criteria. You might note a different purchase price or closing date or some other proposed change. That way, while the prospective buyer ponders sending you a new offer with terms more to your liking, you are free to consider and act upon any other offers that come your way.
Texas REALTORS® have a form designed exactly for this purpose—a form not available for use by real estate agents and brokers who are not Texas REALTORS®. Make sure when you're considering offers from potential buyers, you discuss with your REALTOR® how you can keep your options open so that you can accept the best possible offer.
