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Making An Offer

You and your real estate agent have looked at all the homes that meet your wish list
requirements and fit within your price range and you have found the home of your
dreams. While no house is perfect, this house is the one you want. Making an offer is a serious step, so make sure you want to go forward if the seller accepts your offer.

Your real estate agent will work out these details with you and act as a go between with the seller or their agent. Along with your offer, you will have to supply what’s called “earnest money”. This assures the seller that you are serious enough to put down a deposit, because they are taking their home off the market.  This money will be applied to your down payment and/or closing costs if you close on the house. If you decide not to buy this house, you may or may not get this money back.

Starting with the sales price, you can negotiate by asking for a lower price or having the seller make material or financial concessions. These may include a home warranty, help with closing costs, improvements to the property or requesting that personal property stay, a washer and dryer for example. In the current market, the sellers are more likely to negotiate then at times when there are fewer houses on the market.

Once the seller has had a chance to review your offer, a couple of different things can
happen. They may accept it, and then it’s time for you to start the loan and start packing! Or they may make a counter offer which may be meeting somewhere
between their asking price and the price you offered. Or maybe the price is all right, but they want to keep their washer and dryer.

You can decide to accept their offer or make a counter of your own. You can negotiate
until you are comfortable with the terms or drop your offer and start over with a different
house.