Buyer's Guide
Step 4: Make an offer
Your Real Estate Professional can provide you with current market information and will assist you in drafting your offer.
Now is the time to present your offer... Your realtor, on your behalf, will communicate your offer, also known as an "Offer to Purchase", to the seller or the seller's representative. This should be done as soon as possible. The seller may then accept the offer, reject it or submit a counter-offer.
An Offer to Purchase is a legal document which specifies the terms and conditions of your offer to purchase the home. The offer can be Firm or Conditional. A Firm Offer to Purchase is usually preferable to the seller because it means that you are prepared to purchase the home without any conditions. If the offer is accepted then the home is yours.
A Conditional Offer to Purchase is one in which you have placed one or more conditions on the purchase. Conditional offers are more common and offer more protection to the buyer. Conditions that may have to be met before the home is sold to you may include:
- Subject to home inspection and if applicable water and septic inspections
- Subject to financing
- Subject to sale of buyer's existing home
Although optional, consideration should be given to having the home inspected. Having the property inspected by a qualified home inspector will give you the added confidence that you have made the right decision and when the procedure is completed should provide you with a full written report including any estimated costs for any necessary repairs. Your Real Estate Professional will prove to be an invaluable resource in finding this individual.
Sometimes there may be more than one offer being presented at the same time as your offer. There may be counter-offers in reference to price, closing date or any other number of variables. The offers can go back and forth until both parties have agreed or until one of the parties ends the negotiations. Your Real Estate Professional will guide you through this process.
Step 5: Your offer has been accepted ->
