Counteroffer by following these useful hints

What is the best way to counteroffer if the original purchase offer is not acceptable?

In order to avoid confusion, draw a red line through the middle of any language you find objectionable. Do not completely obliterate it, because you might need to reconstruct the course of negotiations later, in case there is a dispute. Put the date and your initials next to everything you line out.

Above the signature lines, write in red, See Attached Addendum. Mark a clean sheet of paper as "Addendum," and write in your replacement language, with initials and the date next to each section.

Keep doing things in this same manner until you have reached an agreement on all points.You can use the same addendum sheet for all replacement language - just make sure you line out and date the rejected items and date the replacements.

When the last person makes a change that is agreed upon, the other one must initial and date the change, which creates a fully executed contract. Because of technicalities of contract law, if you do not do this, you will not have an enforceable agreement.

Who should hold the earnest money?

A disinterested third party should hold the earnest money. That could be an escrow company, the attorney who will handle the closing, or someone else with a separate bank account for escrow funds.

Who makes sure everything happens on time through the closing?

Making sure everything occurs exactly as the contract specifies takes a lot of work. Agree with the buyer on a closing company. It is illegal under federal law - the Real Estate Settlement and Procedures Act (RESPA) - for the buyer to require in the contract that the parties use a specific closing company.

Meet with someone from that firm as soon as possible and ask him or her to give you a list of what needs to be done, and in what order. I am never bashful about asking the buyer if he or she will give me his or her lender's closing requirements checklist. Many of the items on the list can easily be provided by the seller, which saves time for everyone.

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