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So you found a home, now what?
How do you make the offer? That answer next.
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Well as a buyer, if you find a home to buy, the first thing, once you
selected your property, the first thing you are going to do is sit
writing, to present to the seller. The first part of that for me is
to go over the comparables with the buyer. To make sure we understand
what the market value is, and decide how much we think a fair market
value offer is and then put that into writing. The next step is to
work through our contingencies and decide what do we need to include
in this offer to protect us and to give us ways out, to cancel the
offer if there is a problem. Those would include inspections,
financing, appraisal, and if you have a home to sell, a home sale
contingency. You want to make sure that all your contingencies are
properly represented. We then want to weigh all of those to the
market. Is it a strong seller market or strong buyer market? Is
there anything that we can do to make our offer stronger if we really
want this home? So we want to actually sit down and discuss all of
those contingencies, put them down in writing, and decide do we need
help with assistance on closing cost? What's our closing date going
to be? All of these are the terms of the offer, you've got your price,
and terms, and together these make up the offer. So we're going to
sit down and we are going to put this all together and we're going to
sign off on everything. We are then going to take it and we're going
to send it over to the listing side of the transaction. That
typically gets delivered right to the listing agent, not to the
seller. The listing agent will then, is required, to deliver ALL
offers to the seller to review. But the seller is not required to
respond in writing to any offer. So even if you sent them an offer for
full price and they don't respond, there's no yelling at them, but I'd
say on average we typically see a seller respond within two days.
Again, depending on weekend, holidays, and things like that, it may
take a little bit longer. So it's important to understand that there
may be a little stress while you wait. Make the offer that's best for
you and if it gets accepted you'll be excited and if it doesn't you'll
know if was just not the right property for the price that you were
willing to pay. If you have questions relating to selling or buying
real estate in Northern Virginia, please, give us a call... we've got
your answers.
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