MAKING THE OFFER

When you’re ready to make an offer, your REALTOR® will provide you current market pricing and assist you in drafting the best value offer. He/she will then communicate the offer, sometimes known as an “Agreement to Purchase and Sale” to the seller's agent representative, on your behalf. Sometimes there may be more than one offer on a property coming in at the same time. Your realtor can guide you through this process.

 

Firm Offer to Purchase

 

Usually preferable to the seller because it means that you are prepared to purchase their home without any conditions. If your offer is accepted by the seller within the stated irrevocable time and date, the home is sold to you.

 

Conditional Offer to Purchase

 

Usually means that you have placed one or more conditions on a firm purchase, such as "subject to home inspection", "subject to financing" or "subject to sale of buyer's existing home". The home is not sold until all the conditions have been met and waived by subject party.

 

Acceptance of Offer

 

The seller may accept your offer, reject it, or submit a counter-offer. The counter-offer may be in reference to the price, the closing date, or any number of variables. The offers can go back and forth until both parties have agreed or have decided to end negotiations.

 

How Much to Offer

 

Many factors come into play in the initial offer. Some say always offer 10% less. Unfortunately, this route could end you up in second place on that competitively priced "perfect" home for your needs. And, second place is no fun.

 

Things to consider are:

• How long has the property been on the market?
• If it’s a new listing, how competitively priced is the property?
• Current market conditions can play a big factor. A REALTOR® active in the local market knows the area and is up-to-date on all factors in the market and can advise you accordingly.

 

Want to know more?

 

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