Check Your Understanding-Answers
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What actions can the sellers take regarding the purchase offer?
They can accept it outright, reject it totally, or submit a counteroffer.
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What is important for the sellers to know about a counteroffer?
It's important that sellers realize that a counteroffer is actually a rejection of the original offer, and by submitting one, they are giving the buyers an easy out if they want one.
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Ben and Blanche receive a $200,000 offer on their home which is listed at $208,000. They were counting on a full-price offer and are very disappointed. What approach can their agent take to change the sellers' perception of the offer?
The agent can tell Ben and Blanche that the $200,000 offer represents 96% of their asking price. This takes a positive view of the price. The agent should point out that price is only one aspect of the offer and then go on to discuss the other terms of the agreement that may appeal to the sellers.
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When does a purchase offer become a legal contract?
When the party who made the offer is notified of its acceptance. Notification is the delivery of a signed copy of the acceptance to the offeror.
