MAKE A SMART OFFER & NEGOTIATE You have found a house you love. Fantastic news! Here’s how the offer process typically works:
Step 1 Decide on price, terms and conditions. Your agent will conduct a Comprehensive Market Analysis (CMA), complete with comparable active and expired listings, recent solds, and other historical data to determine the market value of the home. This is extremely helpful when it comes to negotiating a fair price. You also need to decide on a closing date and if there will be any conditions of the offer such as home inspection, appraisal, water tests etc. Your agent will guide you. Step 2 Prepare the offer. Your agent will create a legal document (Agreement of Purchase and Sale) that protects you, follows your instructions, and matches your schedule and needs. Of note, many tech savvy, eco-friendly agents today are using the convenience of paperless transactions. E-signatures are becoming more and more common today for their ease of use and online, secure document storage. Your agent explains the details and terms of the offer, and suggests options for specialty clauses so that you know exactly what you are agreeing to. Step 3 Review the offer. Step 4 Present the offer. Your agent will present and negotiate the offer on your behalf.
What happens next? One of three things:
1. The seller accepts your offer. Congratulations! 2. The seller rejects your offer. This isn’t common, but it can happen and your agent will work to find out why. 3. The seller countersigns. Changing the terms of the offer, and presents the offer to back to you. Your agent will continue to negotiate on your behalf to reach agreeable terms. Your agent will also advise you if it’s clear that an agreement cannot be reached and it’s time to walk away.
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