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The Process of Submitting an Offer   Back to Article Main

After the long search, you find the perfect home for you and your family. Did you know that there is a process when it comes to making an offer on a piece of real estate?Real Estate gets sticky when it comes time to make an offer.Follow these steps to ensure that the process will run smooth for you when you find the home of your dreams:

  • Find out what the house is worth.

Once you find a house that you are interested in making an offer on, your real estate agent will be a great resource when it comes to finding out what that property is worth.Your agent will do a market analysis, researching what other properties similar have sold for recently.

  • Get financing

No seller will take an offer serious from a prospective buyer if there is not proof of available financing.Make sure to speak with a lender and have them provide proof of financing before you make an offer.

  • Decide how bad you want the house

If you can't live without the house you have found, offer close to the asking price to ensure the seller will entertain your offer.Of too low of an offer is made, some sellers may reject your offer all together.

·Offer proposed selling price concessions.

You may desire the seller to make financing contingencies in your proposal contract.Such as the ability for you to obtain a satisfactory mortgage, a maximum interest rate that you will not exceed, or other specific terms.Know that too many details could cause you to have to pay closer to the asking price.

·Detail home inspection contingencies.

It is a good idea to include in the offer that the home must pass a home inspection in order for you to purchase it for the price you have offered.

·Be precise.

When making an offer be clear on what you want included with the property.Do not assume swing sets, fireplace covers, refrigerators are included.The rule of thumb is if it is not fixed to the property it is not included in the sale unless specified in the contract.

·Have some cash.

You must offer a deposit, or earnest money when making an offer on a home.Your real estate agent will be able to help you decide how much earnest money you should include with the offer.

After you have sat down with your agent and put your offer together, your agent will submit it to the seller's agent.They will then present it to the seller.If the seller accepts the offer, you will then have a purchase agreement.Most times a seller will counter-offer.At that point you and your agent can go over the details and decide to accept the new agreement or submit your own counter.