Initial Offer:Once you find your ideal home, you will want to make an offer. Usually, your agent drafts your offer paperwork with you. Your agent will create a Comparative Market Analysis (CMA) for you. It compares your desired home to similar, recently sold homes (comparables) that are near your home. It helps estimate the projected sales price based on current market activity.
Seller Response:Your initial offer usually includes a deadline for the seller to respond. This deadline may vary from a few hours to 1-2 days, depending on your market and your timing. The seller may respond by accepting your offer, making a counter-offer, or rejecting your offer outright.
Negotiations:If the seller counters your initial offer, it's usually because they want more money or a faster date for closing the deal. Your agent will negotiate on your behalf to get you the best deal possible. You may come to a quick agreement, or you may go back and forth with the seller for many rounds of negotiations. During this stage, either party may walk away from the deal at certain times.
Mutual Acceptance:Once you and the seller agree on price and terms, you'll both sign the purchase contract which makes the contract ratified. In most areas, you will now submit a check for your earnest money deposit to your agent. This money is given in “good faith” within one to three business days after agreeing with the seller on a price for the home to show that you are serious about your offer. You and the seller are now contractually obligated to complete the deal, unless a contingency is not satisfied, such as unresolved issues with thehome inspection.
Rejection:Home offers do get rejected, and many buyers go through multiple rejections before finally landing their ideal home. It can be disappointing to lose a home, especially if you are already emotionally attached to a home. However, this can be an important opportunity to learn, refocus on what's important, and refine your offer process.
Want more homebuying advice? Nestiny is a great place for homebuyer education and to help you gauge how ready you are to buy a home.Journey Homewardallows you to enter all of your wants and needs while theTrue Affordability Toolwill break down your budget, showing what you can comfortably afford. You will also receive a freeReady Reportthat is personalized based upon the information that you entered. This report will give you a vital head start in the home buying journey, saving you valuable time and money.
Author:Zack Goggins Phone: 406-697-1478 Dated: May 3rd 2018 Views: 104 About Zack: Young versatile Realtor/entrepreneur from Billings, MT. ...
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