Through this phase, you’ll work closely with your real estate agent. They’ll help determine a fair offer price while making sure you stay within range of what you can afford. They’ll also handle all contract negotiations with the seller’s agent.
The 4 steps to making an offer
You’ve found the perfect home, have your pre-approval letter in hand and are ready to make an offer. Now what?
Determining the Price
Your real estate agent will help you determine a fair offer price for the home based on their experience and following key considerations:
Submitting the Offer
Once you've determined your price, your agent will draw up the offer (or purchase agreement) to submit to the seller's real estate agent. The offer will include the purchase price and terms and conditions of the purchase, including:
Negotiating the Offer
The seller will often counter your purchase offer, typically asking for a higher purchase price or to adjust the closing date. In these cases, the seller's agent will submit a counteroffer to your agent, detailing the desired changes. You have the option to accept, reject or counter it again. Your agent will play a large role during this part of the process, communicating all changes with the seller's agent.
Finalizing the Contract
The contract is considered final when both parties sign the written offer.
Your next step is closing, the last step before you get the keys to your new home.