Submitting an Offer
When you're ready to make an offer on a home, anticipation is high. For many, this can be a stressful time. But it's important to trust your expert real estate sales associate and rely on your negotiating strategy to help you get the best deal possible. Your offer, once accepted, will ultimately become a binding sales contract. When compiling the offer, make sure every pertinent piece of information is included. Your offer should include:
The address and a description of the property
Your name, seller's name, and names of brokers
Sale price, transaction terms, and closing date
Any tax and fee adjustments between both parties
Who will pay for title, survey, inspections, and other fees
A timeline of next steps and time limits
Contingencies that allow you to cancel if necessary
Negotiating the buy
Once you've made your offer and submitted it to the seller, be prepared for counteroffers. The support your real estate agent provides during the negotiation process is priceless. Remember to remain patient, and let your sales professional act as a liaison between you and the seller or the seller's agent. Common counteroffers include flexibility on pricing, closing date, and appliances.
Contingencies can be a powerful tool in protecting your interests, but they also can weaken your negotiating position. If you currently own a home, your offer might need to be contingent on selling it. If you're uncertain about the structural integrity of the home, you might want to have a home-inspection contingency. Work with your agent to design a plan that will strategically help you compete in any situation.