What Happens When You're Ready to Make an Offer to Buy a Home?

What happens once you find a home that you love and want to make an offer?  First, you will want to have all your financial documents in place. If you’re getting a mortgage for your purchase, you will need to provide a pre-approval letter from a lender. In order to avoid a frantic rush, we strongly recommend that you get your pre-approval in place before you start touring homes so that you are all prepared. If you’re paying cash for the home, you will need to provide proof of funds which can be in the form of a bank statement or a letter from your financial institution. Either your pre-approval letter or your proof of funds will be provided to the seller’s agent with the offer paperwork to show that you are financially capable of making the purchase. Now let’s break down exactly how the offer-making process works. 

  1. We will do an analysis of the property value and current market conditions to help you decide what price and terms you would like to offer.

  2. We will speak with the seller’s agent and leverage the relationships that we have cultivated with our colleagues to gain as much insight as possible as to what the sellers are looking for and if there are any offers from other buyers on the table. 

  3. We will review the purchase contract with you so that you understand all of your contingencies, obligations, and terms that you are offering. Once you’re comfortable, you will sign the purchase contract and we will submit your offer package. 

  4. The seller will then respond in one of three ways. Option 1- They accept your offer! Everyone does a happy dance and once both sides have signed the offer then you will officially be under contract, or what we call Ratified, and on your way to closing on the purchase of your home. Option 2- The seller makes a counteroffer. You then have the option of accepting their counter, making your own counter, or declining their counter and moving on to consider another property.  Option 3- The seller declines your offer. You then have the option of making a new offer that is more appealing to the seller to try to get them to engage in a negotiation, or you move on and know that your perfect home is still out there. 

If you have questions or are ready to begin the home buying process, just complete the form below and we will be in touch shortly!

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