Found house you LOVE? It’s time for your real estate team to shine! So, let’s look at what you should expect at this point.
An offer is a contract setting the terms of the purchase and will need to be negotiated.
Every offer will include a proposed purchase price, deposit(s) amount, proposed date of settlement, and method of purchase (cash or mortgage/loan). This information should be based on what you’re able to/want to do while being mindful of the current real estate market. For example, if the listing price for a property is $300,000 and it’s in a popular area with all the best features and other interested buyers, you’ll want to consider an offer that is at listing price or above. There are other things you need to keep in mind when determining the purchase price, but this is just to give you an idea of how you’ll need to be thinking.
In addition to these items, you’ll also need to determine if you want inspections completed, which types of inspections, and the timeframe for when negotiations must be completed by.
There is a general timeline within the contract, but you can ask for a longer period if it’s during a bad weather season or during summer vacations where there could be delays. An appraisal is done for basically every home loan financing but for added protection you may also consider including an appraisal contingency as part of the offer.
These are just a few things you’ll have to consider when putting an offer together. Once you have it all done, it gets submitted to the listing agent and/or seller. They’ll review and will sometimes come back with a counteroffer. This is when your Realtor will work with you to negotiate the best possible deal that still holds your best interests in mind.
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