What to Do When You’re Ready to Make an Offer on a House
We did it! We’ve found a house that you love and you’re ready to take the next step in making an offer. Now what? What does that entail? What comes next? These are all very good questions, so let’s cover how to make an offer on a house.
We find that many of our buyers think the offer process is much more or much less formal than it really is. No, we don’t have a fancy internet platform where your offer is uploaded to the cloud, but we also don’t advise to recklessly present an incomplete offer. This can often present the idea to the seller or seller’s agent that you might not be serious in your offer. As your Realtor, we will sit down with you and go over all the details of what needs to be included in the offer.
How to Present an Offer on a House
There are many details that come into play when preparing to make an offer on a house, including price and length of contract. Once we have had a chance to discuss these details and have reached a set of terms that are suitable for our initial offer, We (your Realtor) will present that offer to either the seller or the listing agent (if there is one involved). This offer can either be presented verbally or in writing. How the offer is presented all depends on the nature of the property and the situation surrounding the listing. For example, if we know that a listing is receiving a high level of activity, we will want to prepare a complete, written offer, showing the seller our level of interest and putting our best foot forward.
How to Handle a Counteroffer
After the offer has been presented, it is expected that a response will be provided from the seller within a reasonable amount of time. Once the counteroffer is received, we will continue to negotiate with the seller or seller’s agent on your behalf until we have reached a set of terms that is agreeable to all parties involved. This process could either take a few hours or a few days, depending on how many counteroffers are given until a set of agreeable terms is reached. This back-and-forth negotiation is typically conducted through email.
Making It Official
When terms are finalized, the written offer will be drafted, or revised if it was already drafted, to reflect the updated list of terms. The offer will then be sent to both the buyer and seller for final signatures. Once the contract is executed by all parties involved, we are UNDER CONTRACT!!! And then the real work begins…