The Major Elements of an Offer/Making an Offer
Price – Depending on the local market conditions, your opinion of value and market information provided by your real estate professional, the price you offer may be different from the seller’s asking price.
Deposit – The deposit shows your good faith and will be applied against the purchase price of the home when the sale closes. Your sale representative can advise you on an appropriate amount.
Terms – Includes the total price offered and the financing details. You may arrange your own financing or ask to assume the sellers mortgage, especially if it has an attractive interest rate.
Conditions – These might include “subject to home inspection”, “subject to you obtaining financing” or “subject to you selling your property”.
Inclusions and Exclusions – These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors.
Closing Date – Generally, the day the title of the property is legally transferred and the transaction or possession of funds finalized unless otherwise specified.
How to Make an Offer
When it comes time to make an offer, I can provide current market information and will assist you in drafting your offer – a legal document which specifies the terms and conditions of your offer to purchase the home. I will communicate your offer to the seller, or the seller’s representative, on your behalf. Sometimes there may be more than one offer on a property coming in at the same time. I can guide you through this process. The offer can be firm or conditional.
Acceptance of the Offer
Your offer will be presented as soon as possible. The seller may accept, reject or submit a counter-offer. The counter-offer may be in reference to the price, the closing date, or any number of variables.
The offer can go back and forth until both parties have agreed or one of you ends the negotiations.