How To
Make an Offer

See how to make a successful offer.
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How To Make An Offer

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When you have found the home you want to buy, the next step is making the right offer. Talk with your agent to see whether or not the home is priced right, they will do a comparative market analysis on the home, which involves looking at recent purchases of similar homes in the area. Your buying agent will talk with the listing agent to see if there are other offers on the home. Your agent will then draw up a formal offer and submit, along with your lending pre-approval letter.

The listing agent will either accept your offer, deny, or send back a counter-offer with different pricing and terms. This is when you and your agent will discuss strategy on whether or not to send a revised offer and how to revise the offer. Your agent's experience and negotiating skills are very important at this step. There may be several revisions to your offer before the sellers agree and accept. When there is an accepted offer, you will be able to enter into the escrow phase of buying a home. At the end of the submission of your offer and acceptance, you will sign a purchase agreement.

Is This The House For You?

Look at all the factors you and your family want in a home. Sometimes buyers will not find everything on their list, like not finding a home with a wine cellar, but all the other items are checked off on your wish list. As soon as you find the home for you, let your agent know.

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What Have Similar Homes Been Selling For?

This is when your agent can put together a comparative market analysis (CMA) for the home you want to make an offer on. This will tell you whether the home is priced too high or low, or if they have a good price.

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Talk With The Listing Agent

Your buying agent will be able to contact the other agent to see if there are other offers. By being friendly and negotiating well, your agent will be able to find out how much you will need to offer to get your offer considered for acceptance.

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What Are The Deadlines?

Each listing has a date before it expires from the market and many times sellers will have a deadline for when all offers must be submitted for consideration. Sellers do this so they can review all offers side by side at once. Your agent will find out if there is a deadline and advise you on when is best to send in an offer.

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How Much Should You Offer?

Based on the CMA from your agent and whether or not there are other offers, you and your agent will consider how much to offer on the home. You might be able to offer several thousand dollars below list price and still be considered, but competitively priced homes may require a higher offer.

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Review With Your Agent

After you have discussed how much you are willing to offer on the home, your agent will talk with you about the details of the offer amount and terms. They will put together an official offer package for the sellers who will then either deny your offer, accept it, or send a counter-offer. Your agent's negotiation skills are paramount here, consider their advice when sending back a revised offer amount and terms.

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