How to make an offer
The process of making offers can vary. In a typical situation, you will initial and sign an offer sheet that we have prepared. We will present the offer to the owner and the owner’s representative. The owner may accept the offer, reject it, or make a counter-offer.
Because counter-offers are common (any change in an offer is considered a counter-offer), it’s important for buyers to remain in close contact with us during the negotiation process so that any proposed changes can be quickly reviewed.
If you have made an offer and changed your mind before the offer was accepted by the seller, you may have us withdraw the offer.
How much should you offer?
Oftentimes, you’ll hear the amount of your offer should be a certain percent below the seller’s asking price or an amount less than you’re really willing to pay. In practice, your offer depends on the basic laws of supply and demand: If multiple buyers are competing for a home, sellers will likely get full-price offers and a house may go for over asking price. If the market is weak, an offer below the asking price might be a savvy strategy. The seller set their price when they listed the home. But that’s just a starting point. Your agent should do a comparative market analysis, looking at what similar homes have sold for and helping you reach a price. You can also do your own research by looking at market “comps” on Zillow. In fact, you have quick access to more reliable information about real estate pricing than any time in history, so use it. With your agent’s help and your own research, you are an informed consumer. So now’s the part where you set your price. If the market’s hot, and the house just came up, you may actually offer more than what the seller was asking. If it’s been languishing on the market, maybe you offer less than asking. You won’t know what to offer until you do your homework and talk with your agent.
Click HERE to learn more about making an offer on a home.