If a buyer is interested in a property, what action is a seller required to take if they want to negotiate a higher price?

When a seller wishes to negotiate a higher price for a property, the appropriate course of action is to send a counteroffer. A counteroffer is a response to an initial offer from a buyer, indicating that the seller does not accept the original terms but is willing to negotiate. This process involves specifying new terms, such as a higher price, which can initiate further discussions and lead to a mutually agreeable solution between the buyer and seller.

This approach not only demonstrates the seller's interest in continuing negotiations but also provides a formal mechanism for adjusting terms rather than simply withdrawing the original offer or making a second, separate offer. A counteroffer replaces the previous offer, and if accepted by the buyer, will form the basis of the new agreement. This is a standard and recognized practice in real estate negotiations, ultimately allowing both parties to clearly understand the terms being discussed.