Making an Offer

Once you find a home you love, the real work begins for your Real Estate Agent…

1. Comparables

The first step is to “pull comps,” this process entails looking back at what houses sold for that are similar in location, size, and features to the house you want to make an offer on.  Your Agent will compare total sales price, price per square foot, as well as market conditions when the comparable house sold and current market conditions.

2. Determining a Starting Price

After analyzing the comparables, and past and present market, your Agent will suggest a price to start off the negotiations.  This is where your input is invaluable.  Are you willing to offer a higher amount to limit the negotiations?  Or, are you trying to get the best deal possible, and are okay with taking that risk?

3. Submitting your Offer and Negotiations

Once you and your Agent determine an appropriate and comfortable starting price your Agent will draw up the paperwork, which you will initial and sign before your Agent sends it off to the Listing Agent.  Once the Listing Agent presents your offer to the Sellers, one of three things will happen.
  1. Rejection:  The Sellers may not wish to pursue your offer.  Oftentimes, we are not told why.  But do not fear!  You can always submit another offer if you are certain this is the home for you! 
  2. Counter-Offer:  The Sellers wish to negotiate, but aren’t willing to accept your offer.  They will send back a price that is probably lower than the listing price, but higher than your initial offer.  This is where your Agent should shine!  Through active negotiations back and forth the ideal scenario should lead you and the sellers to a price that both parties can live with.
  3. Acceptance:  Congratulations!  The Seller is accepting your  offer with no negotiations necessary!  This is clearly a best case scenario, and while rare, it does happen.

4. Under Contract

After the Seller and you reach mutually agreeable terms your contract will be executed and you will have the property “Under Contract.”  Please read on to find out what happens during this period of time before Closing and Conveyance.

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