Hi Elizabeth,

I assume you mean from the Buyers prospective? Here are some basic to help understand the negotiation process.

Once a property if “Offered” for sale it is offered with specific terms such as price and condition. Time frame of the transaction is left open for negotiation unless otherwise specified (must close on or before X date).

As the buyer you have a couple of options. You can make and offer using the offered terms with no changes and add you desired day of close. I usually include time frame for response, “please respond by 5Pm of the following day or this contract may be considered null and void” this helps makes the transaction move along at a reasonable pace and helps prevents the seller from shopping your offer with other potential buyers. Once the seller receives this offer they then have 3 options

1.     Accept your offer – Offer is signed by all parties and the contract proceeds to Escrow.

2. Counter offer any of the terms including price, day of closing
3. Not respond in which case your offer has not been accepted

If you receive a counter offer you now have the same 3 options as the seller had when they received your offer (as above)

It is important at this point to realize that ANY change on the contract, even if it was something previously not changed of changed makes the contract eligible for the 3 responses. So for instance you agree to all the changes the seller has countered to you with except now you want to change the Number of days you may have for an option. This change goes back to the seller and now they have the 3 choices in their court.

So you see it is important to list out all terms early on and decide which ones are most important to you and would be worth either breaking a deal or moving on.

Now the really important part:

NO DEAL IS CONSIDERED TO BE A EAL UNTIL ALL PARTIES HAVE INITIALED AND SIGNED THE ENTIRE CONTRACT AND ALL ADDENDEM,

In regards to Texas Real estate once the parties have agreed on all terms of the contract, initialed and signed all parts of the contract and any addendum the contract is considered Executed. Then the contract (in Texas) is delivered to a title company along with the agreed upon Escrow funds the minute after the contract is executed the clock starts ticking on the various time sensitive deadlines of the contract including getting the contract delivered with escrow funds to title company.

Remember there are lots of parts to any transaction so the required addendum and number of negotiated terms may vary from transaction to transaction.

I hope you find this helpful and should you have any further questions please feel free to contact me at your convenience.

Bob Kenney, Realtor® Mobile/Text : 512-922-4922