What is a reverse offer?

Asked by John Novak, Henderson, NV Fri May 18, 2007

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5
Maureen Fran…, Agent, Birmingham, MI
Fri May 18, 2007
A reverse offer is an offer from the seller to the buyer. The seller proposes the terms he will accept after the buyer has expressed some interest. This can help a seller keep a buyer interested before they move on to another property, or if they are choosing between homes. We have used it effectively to help our clients achieve a sale. More on that in the article below.
4 votes
Alan May, Agent, Evanston, IL
Fri Jan 4, 2008
Maureen's initial answer is correct. A reverse offer (or preemptive offer) is a great tool to use, when you've had lots of showings, and lots of interest, but can't seem to get one of the interested buyers (perhaps who's seen your home multiple times) to pull the trigger and write an offer.

I've used this tactic several times, and succesfully. Sometimes the buyer is concerned that the seller won't be flexible... or in once case they didn't think my seller would accept a home-sale contingency. In that case we wrote an offer with a 30-day-to-get-under-contract contingency, 90-days to close for 98% of list price, and sent it to the buyer's agent.

The responded quickly with a 60-day/90-day @ 95%, and we settled at 45-day/90-day @ 97%. The agent confided in me that they were NOT going to write an offer on our home, because they were sure we wouldn't accept the contingency, and when they saw our pre-emptive strike, they were heartily encouraged.

win-win
2 votes
Susie Moceri, , 48306
Fri Mar 14, 2008
As a builder, we use this tactic regularly to show that we are willing to negotiate and initiate the discussions.
0 votes
Carlo Gobba, Agent, Bloomfield Hills, MI
Thu Jan 3, 2008
A Counter Offer. An offer from the seller back to the buyer when the buyers original offer (in whole or part is not acceptable to a seller.) It's simple back and forth (As in any open minded transaction.)

Best of luck.
Web Reference:  http://www.CarloGobba.com
0 votes
Kaye Thomas, Agent, Manhattan Beach, CA
Sun May 20, 2007
Maureen.. that is an interesting concept that we haven't heard about in my area of Ca. I can see where it might hold interest for a buyer..
0 votes
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