Offer Process

Steps to Making an OfferYour realtor will provide:

  • Recent selling prices of similar homes in the area
  • If the offer is rejected, a second or even third negotiation may take place. If the “minds do not meet” we will begin looking for another home.
  • Ask questions about the home:
    • How long has it been on the market?
    • Why is the home being sold?

**Consider the home’s resale value. This is often the most important point to consider before making an offer.**

When Your Offer is Accepted:

  • The buyer signs the “purchase contract,” which is a legal document and covers all elements of the future purchase such as price, total down payment, closing date, etc.
  • The closing date is when the closing or settlement agreement is signed.
  • The offer states which party (buyer or seller) will pay for which settlement costs and the type of loan applied for.

What the Offer Contains:

  • Offering price
  • Earnest money: part of the down payment to secure the initial agreement
  • Definition of “earnest money” – the buyer is in earnest to buy.
  • Contingencies: Special circumstances such as the date the sale must be completed, or the repairs the seller must make.
  • Items included in the sale such as:       Appliances, window treatments, rugs, flooring, or certain furnishings.
  • Whether or not the Buyer desires a Home Warranty paid for by the Seller.
  • Major Point to Remember: The purchase agreement is conditional. The buyer can cancel if the loan cannot be secured, or if the home has major problems which cannot be corrected before closing.
Call Terri (405) 250-9343