We Bought a Home Sight Unseen (Here's What We Learned)

The Counteroffer: Negotiating a Real Estate Deal

Buying a home is rarely as simple as making an offer and paying that offer out. Negotiations can go back and forth for weeks before the seller and buyer are both satisfied.

The vehicle for this negotiation is the counteroffer - a vital and complex rejection and counter to an offer made by either party. Counteroffers are typically handled between real estate agents and are time sensitive.

Selling or buying a home is more of a process than a transaction, so it's important to understand counteroffers before you make your first offer.

Why was I countered?

As a home buyer, if you make an offer below list price, the seller may choose to reject, accept or simply let the offer expire. If there are multiple offers, the listing agent will lay out the options for their client and then notify all buyers’ agents of the choices.

Sellers may also counter your proposed closing date. If they need to move out quickly, they may want to push it earlier. They may also ask to rent the property for a time after the settlement.

Price and closing date negotiations are common from both parties, but there are even more reasons sellers can potentially get countered.

The condition of the home is likely the biggest factor here. As home buyers conduct ongoing research into the home, any problems with the condition of the house can result in a counteroffer.

If you've chosen to take appliances with you when you move, buyers may also look to negotiate for those.

Appraisals are another reason for counteroffers. If an appraisal comes in below the agreed-upon sale price, it will affect the amount the mortgage company will lend to the buyer.

Negotiation power

When reviewing a counteroffer, it's important to have an experienced real estate agent who can capitalize on your advantages in a negotiation. Both sellers and buyers can take steps to put themselves in an advantageous position through planning and smart counteroffers.

Knowledge is power in negotiations, so try to glean as much information about the seller or buyer as you can. Your agent will also seek information from the other agent on your behalf.

Sometimes sellers use the pending sale of their home to finance another, meaning they have a truncated timeline and could be more eager to make a deal. Similarly, buyers who have terminated a lease may be desperate for a place to live and more willing to negotiate.

If you’re selling a home with known issues, anticipate how these problems may put you at a disadvantage during negotiations. A leaky roof may not be discovered until after buyers order a home inspection. Depending on the cost, they may ask the seller to either fix the roof or deduct the cost of a new roof from the sale price.

These types of issues put sellers at a distinct disadvantage because they have to either pay for repairs, lower the selling price, or reject the counteroffer and hope the next buyer doesn't notice or care about repairs.

This is why it's worth the money (around $500) to pay for an inspection before listing a house. Preparation can save you headaches and money down the road.

Responding to a counteroffer

If you've received a counteroffer as a buyer or a seller, carefully review every aspect. Real estate agents, apart from yours, are under no obligation to ensure you read the full contract. So make sure you read everything carefully before you sign.

With each individual counteroffer, consider every aspect of the sale, including old and new information. If you made an offer above the list price, there is always the possibility for an appraisal to come in low.

If you are responding to a counteroffer before an appraisal or inspection, keep those at the forefront of your mind. Prepare yourself for future counteroffers once they are completed.

Whether you're selling or buying a home, establish a baseline for when you will walk away from a sale. As a buyer, you don't want to spend so much on a home that you move in with no cash for improvements and repairs. And as a seller, you should know how much you want to make off the sale.

With a measured and informed approach, counteroffers can be your friend. Communicate often with your agent to let them know what you want from the sale, and never be afraid to walk away if things go south.

Top featured photo from Shutterstock.

Related:

• The Huge Risk Home Buyers Take When They Waive Inspections
• How to Make a Competitive Offer Against All-Cash Home Buyers
• A 3-Step Plan for Finding and Buying Your Next Home

Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow.

Originally published October 25, 2016.

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Sleep Under the Stars in a Bubble Home – House of the Week

13 Simple Steps to Prep Your Home for the Best Summer Ever

Summer will be here before you know it, and you know what that means: Heat, hornets and yard work.

If you're starting to miss spring already, fear not. Here are some quick projects to make your home and garden more comfortable and cost-effective this summer.

Inside the house

• Service the air conditioning. Nothing can ruin your day like a broken A/C unit on a summer day, so keep it running smoothly by servicing it every spring. Every three months, change the filter, flush out drain lines with cup of bleach, and ensure that the outdoor unit has room to breathe by keeping vegetation about an arm's length away.
• Replace smoke detector batteries. You'd be surprised at how much peace of mind you'll get after knocking out this one little chore. Change all the batteries on the same day and remind yourself to do it again in six months. If your smoke alarms were manufactured 10 or more years ago, replace them entirely.
• Rotate ceiling fan blades. Your ceiling fan may have a switch that changes the direction in which the blades turn. If so, make sure that the blades are spinning counterclockwise and pushing air down, rather than up.
• Clean behind appliances. You've been putting it off for far too long. You're terrified of the horrors that await in the shadows of your kitchen, but it's time to put on some gloves, arm yourself with disinfectant cleaner and roll out the oven with a brave face.
• Clean dryer vents. If your clothes come out of the dryer damp and musty lately, it's probably because the vent is clogged with lint - not only wasting energy, but posing a significant fire risk. To do it right the first time, purchase a vent-cleaning kit. Its flexible rod and brush attaches to your drill and will extract a puppy-sized mass of lint in no time.
• Upgrade your thermostat. Replacing your existing thermostat with a 'smart' model does more than save you money. They respond to your voice, divert cool air to occupied rooms, can be operated from your phone and might even give you a weather forecast at a glance before work.
• Repot houseplants. Give houseplants fresh potting mix in spring when they're actively growing. Slip the mass of roots and potting mix out of the pot, gently tease apart the roots, remove rotted pieces and replace it with fresh and fertile potting mix. If the leaves are turning pale from too much direct summer sun, move them to a slightly shadier place.

Out in the yard

• Patch your lawn. If you wait too long to plant new grass seeds or sod, aggressive weeds will happily fill the gaps for you. Luckily, grass will quickly establish if you remove all existing weeds beforehand, amend with topsoil and keep the area irrigated for the first week or two.
• Inspect gutters and downspouts. Fall isn't the only time to clean out the gutters, especially if you have messy trees nearby. Make sure that the gutters are soundly attached to your roof, seal any gaps with silicone caulk and remove any obstructions at the base of the downspout.
• Inspect sprinklers. If you notice any clogged or broken sprinkler heads, shut off the water and dig a 2-inch diameter hole around the head. Unscrew the head from its riser and replace with a new one. If the head is merely clogged, remove the basket and rinse both it and the head in clean water. Reassemble the head and screw it onto the riser.
• Get your mower up and running. Give your mower, string trimmer and other lawn equipment some TLC before the summer mowing season begins. After removing the spark plug, replace the air filters, change the oil, sharpen blades and give your equipment a good cleaning.
• Remove hornet nests. If you have hornets, yellow jackets and paper wasps around your home, take steps to remove them now before they form a large, aggressive colony. You can play it safe by calling a professional, or spray nests at night when they're less active. Just be sure to wear protective eyewear, a mask, pants and long sleeves.
• Clean the grill. Prevent flare-ups and cooking fires by giving your grill a good cleaning. Ideally you'd clean after every use, but you can start fresh with a grill brush, nozzle and wet rag. Now is also a good time to stock up on charcoal and make sure your tools are ready for grilling season.

Related:

• 9 Budget-Friendly Staycation Ideas for Families
• Good Clean Fun: How to Build an Outdoor Shower
• How to Choose an Air Conditioner

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Do's and Don'ts of Summer Landscaping

Whether you're dealing with a California drought, an mid-Atlantic heat wave or Deep South downpours, summer can be a tricky time to garden. Here's what you need to know before you leave the comfort of the air conditioning for a steamy backyard jungle.

DON’T: Plant cool-season vegetables

Generally speaking, it's a bad idea to attempt veggies like peas, lettuce, carrots and radishes in summer. They will quickly bolt in the heat, meaning that they'll devote their energy to blooming and producing seeds, making the edible parts bitter.

DO: Plant hot-season vegetables

Take advantage of summer's plentiful heat and sunshine by planting these heat-loving edibles: okra, sweet potatoes, chili peppers, cowpeas, yardlong beans and eggplant. Okra produces prolific pods all summer long, and is drought-tolerant as far as vegetables go. Sweet potatoes make an excellent temporary groundcover in veggie gardens and flowerbeds, shading out weeds until the arrival of cold weather, when they can be harvested.

DON’T: Water unless necessary

It's tempting to set the sprinklers on a timer, kick up your feet and consider it taken care of. But here's why that's a problem: First off, do you really want to be the guy or gal who's caught running sprinklers in a rain storm? Water plants when they are newly planted, or are wilting and/or dropping leaves due to drought.

DO: Use drought-tolerant plants

Drought-tolerant plants are all the rage, and not just because they conserve water. Grow drought-tolerant plants because they're low-maintenance and because you're an average person with - you know- a life. That said, 'drought-tolerant' does not mean that you can plant it and forget it. Keep the soil moist until the plant takes off on its own.

DON’T: Turn your back on the garden

Because in summer, things can change in a heartbeat. Plants can succumb to pests, drought, wet soil or rot in a matter of days. Pay attention to weather forecasts and be on the lookout for plants that are clearly struggling. Don't hesitate to use those pruners on any bullies that seem to be taking over less vigorous plants. When in doubt, rip it out.

DO: Water deeply

Water like you really mean it - with a deep soak so that the water penetrates the soil without running off or evaporating in the summer heat. Watering deeply will also encourage deeper root growth, which helps plants (especially shrubs and trees) stay healthier and more drought-tolerant in the long run. Water in the root-zone with a high falutin' garden nozzle, a soaker hose, or nothing more than a hose and a full stream of water.

DON’T: 'Scalp' your lawn

If you plan on turning your summer lawn into a practical putting green and you mow your lawn close, you'll be sorely disappointed by the results. (Unless you're willing to settle for a putting brown, that is.) Short cuts mean less drought-tolerance, patchier growth, more weeds and shallow roots. When in doubt, cut high.

DO: Fertilize warm-season grasses

Give your lawn a pick-me-up to cope with the summer heat. Your local garden center should have a good selection of fertilizers to suit your region and/or lawn type. Fertilize according to label instructions, using a broadcast, handheld or drop spreader for even coverage. Generally speaking, don't feed on a hot day with temps above 90 degrees.

DON’T: Water in the afternoon

It's a myth that sunlight will become magnified by water droplets and burn the plants, but watering in the hottest part of the day is still pretty useless because many plants will go semi-dormant, and water quickly evaporate in summer. Water in the early morning so that the plants' roots have a chance to absorb moisture.

DON’T: Let weeds go to seed

Procrastinate all you want, but pull those weeds before they have a chance to bloom and go to seed, spreading their progeny all over your garden to proliferate and give you headaches. Don't settle for hand-pulling everything either: use a hoe or cultivator for new weeds in loose soil, or a heavy-duty weeding tool like a hori-hori knife, hook or mattock for tough, established weeds.

DO: Plant tropical bulbs

Much of your garden will slow down in the heat of summer, but tropical bulbs such as caladiums, elephant ears, cannas and gingers will only grow faster. Create a lush and jungly understory beneath shady trees by planting en masse, or use sparely for architectural interest in container combos and flowerbeds.

Related:

• 5 Tools Every Gardener Should Splurge On
• 9 Tips for Preparing a Fabulous Flower Bed
• My Favorite Tips for Drought-Tolerant Landscaping

Originally published June 16, 2016.

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