#WednesdayWisdom Today starts a new series that we'll be doing, where we discuss real estate topics with our audience. As an admin, that is NOT a licensed real estate agent, I thought it might be helpful to hear it from just a 'regular ole gal'. Plus, I'm typically hyper and this let's me get some energy out ;)
This weeks topic: Offer Process.
Finding the right house for you can take a few weeks or a few months. But what happens when you do set your sights on a house you’d like to purchase?
First things first, it’s important to have a good real estate agent on your team from the start of the home search because a good agent will know their way around the whole offer process!
SO, what IS the process when making an offer?
First you and your agent will look at the property and see if it meets your needs, then together you will decide what you’d like to offer for the property. The agent will write it all up and send it to the Sellers Agent.
The seller will respond in one of three ways:
1. Accepts offer- HOORAY! Everyone is happy 😊
2. Seller makes a counteroffer (maybe they want to negotiate the closing cost or purchase price)- you can either accept or go back with another counter offer of your own, or walk away.
3. Lastly, the one we really dislike, is the seller could decline your offer. You could try to make a more appealing offer (if your budget allows) or move on to find another house.
In order to make the strongest offer possible, be as quick as you can when submitting- especially when the market is ‘hot’ like it is now- knowing what you’re looking for in advance and assuming you’re not the only person looking will allow you to beat others to the punch.
Remember: your offer should be a strong starting point, leaving room to negotiate if necessary.
Unfortunately, if your potential new home is also another buyers potential new home, you could find yourself in what we call a “multiple offer scenario”. When this happens, the seller typically asks buyers to submit their highest and best possible offer by a set deadline- the seller will look them over and come to a decision.
Remember: your agent is sometimes the bearer of bad news- your disappointment is also their disappointment. (don’t shoot the messenger!)
But no worries, A good real estate agent will guide you through this whole process!
So, when you’re ready to get started on your own home search- give Starr Real Estate a call!
Until Next Time, Have a Great Day!