Glossary & Terms
There is currently 1 term in this directory beginning with the letter O.
Offer/counter offer
Buyers make a formal offer on the home they want to purchase. The offer can be the full list price, or what you and your agent deem a fair market value.
The buyer’s agent puts the offer in writing, asks you to sign it, and then submits it to the seller’s agent. The seller might immediately accept it, in which case it becomes the parties’ purchase contract, or may make what’s known as a counteroffer. It’s the art of negotiation, recorded in paperwork.