12 Feb A Complete Guide to Making & Accepting an Offer on a Home
After spending months house hunting and preparing your home for sale, you may wonder what to do when it’s time to make an offer, while also accepting an offer on your own home. It can be difficult to navigate both sides of the equation without the right real estate agent to help.
The purchase offer represents a form of communication that could lead to a final deal. It’s the first step towards the closing table and needs to be handled correctly. Here’s what you should know when it comes to making and accepting an offer on a home.
Making an Offer to Buy a Home
When you submit an offer, you are communicating to the seller your interest in their home and how much you are willing to pay. You will also be including any contingencies you have and you will need to be prepared to provide earnest money with your offer.
If the market currently favors the seller, you may want to make an offer as soon as possible. You will likely have plenty of competition and it can be hard to get your offer accepted if you don’t act quickly.
The details of your offer should be figured out with the help of your real estate agent. They will guide you on the amount to offer, any necessary contingencies and the timing of your offer. Your agent will also know how competitive the market is and what may be necessary to compete if other buyers are submitting offers on the same property.
Accepting an Offer on Your Home for Sale
When you’re selling at the same time as buying, you will be dealing with the other side of the equation, too. You will, hopefully, garner multiple offers on your property and have a decision to make.
In this situation, you will likely want to establish a deadline for offers and look at the details of each offer. The highest one may seem like the right choice, but it depends on the contingencies and the details of the offer.
It’s important o know your limits and how much wiggle room you have on the price. Speak with your real estate agent to determine what the value of your home is and what’s reasonable.
Before accepting an offer, it’s possible you may want to negotiate and submit a counteroffer. Maybe the price isn’t quite what you were hoping for or one of the contingencies doesn’t work for you.
Once you find an offer you like, you can accept the offer and start moving towards the closing table.
It can be scary and overwhelming to sell and buy at the same time. There will be quite a few moving pieces and plenty to consider on both sides of the equation. Make sure you have the right real estate agent helping you throughout the process. When you choose RedZone Realty, we will help you navigate the entire situation. Our agents will help you find the right home and sell your home for the right price.