When someone in New Jersey finds a home that they love and are ready to buy, they may put in an offer. Putting in an offer on a house is not always so cut and dry. Sometimes, many people will put an offer in on one house and the bids will be very high because of the competition. However, if there hasn’t been much interest in a house and one person does put in a bid, they may offer lower than the asking price of the home. This is also often the case if the house needs a lot of repairs.
Often, if a prospective buyer places an offer lower than the asking price, the current owner may submit a counteroffer that is a bit closer to the initial asking price. This can go back and forth several times until both parties can agree on a price. If neither party can agree, the prospective buyer may decide to move on to another property. When negotiating the price of a house, the prospective buyer may request that the seller includes certain repairs or upgrades in the price of the home. Or, they may request that the price is lowered because of the repairs that need to be made to the house.
If you have questions about real estate transactions in New Jersey, contact our firm today.
Our firm proudly represents clients in New Jersey who are faced with matters of family law, criminal defense, business law, real estate law, or estate planning. If you require strong and dedicated representation for any of your legal matters, contact The Law Offices of George J. Mardinly to schedule a consultation.