Negotiation is back in style. It's not uncommon for buyers and sellers to have many rounds of counteroffering back and forth before they arrive at a contract that is completely agreeable to all involved. When this is accomplished, the contract is ratified. However, there is another important element involved in ratifying a contract. Until a residential purchase contract is completely signed, and the final signed documents are delivered back to the other party or that party's agent, the listing is not sold. Let's say you decide to offer the sellers less than their asking price. They don't accept your offer, but issue a counteroffer. Before you respond to the seller's counteroffer, another buyer makes an offer. If you haven't signed the sellers' final counteroffer and delivered it back to them, they can withdraw their counter and sell the house to someone else. Or they could decide to withdraw the counteroffer to you and issue a new one. This time it could be a multiple count...
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