Question people ask when making an offer

anthony patton

Whether a buyer is purchasing their first home or their fifth home, the home buying process can create many emotions and feelings. One of the best ways to ensure the process is not overwhelming for a buyer is to be well educated and properly prepared for the process.

There are no dumb questions and I am sure we have heard them all…. But if you have a question…. ASK!!!!

We have found our dream house….. now what….

Questions Asked While Placing A Purchase Offer

• How much should I offer the sellers?

When buying a home, you are the only one who can determine how much you should offer a seller. Certainly it’s suggested you ask for your Realtors advice and thoughts, but ultimately you are the only person who can determine how much you should offer.

• What is an earnest money deposit?

An earnest money deposit is also frequently referred to as a good faith deposit. When a buyer purchases a home, they provide the seller’s real estate company a deposit to hold in their escrow account. The primary purpose of this deposit is to show a seller you are serious about purchasing their home. The amount that is deposited is subtracted from the final figure that a buyer pays at the closing table. In most cases, the larger the deposit, the stronger a purchase offer looks to a seller. Typically $500 to $1000 but in a super competitive environment with a fabulous house…. We may want to talk about a different figure….

• How long does the seller have to respond to my offer?

There is not a standard answer to this question. Typically the seller has 12 to 24 hours… but sometimes it can take 3 or 4 days depending on the seller’s situation. Your Realtor should have an idea based on talking to the seller’s realtor…. If you’re looking to purchase a home that is newly listed and the possibility of multiple offers exists, they will probably make a decision quickly If the seller is located out of town, it make take a few days

What if my offer is rejected?

When a purchase offer is submitted to the seller there are generally a couple of possible responses. The first is an accepted offer meaning you go the house, the second is a counter offer meaning they want to sell you the house but there is something in the contract they want to negotiate…. Sometimes its price but other times it could be closing date or possession date… the third is a rejected offer, If your offer is rejected, meaning the seller says no and doesn’t counter offer, you have the right to place another offer. It’s not very common an offer is rejected or not responded to, unless a seller is offended by a low-ball offer.

• Do I have the option to have any inspections?

When buying a home, you have the option to perform several types of inspections. The purchase offer you write can be contingent upon a satisfactory home inspection, pest inspection, chimney inspection, radon test, and many other inspections. In most cases, it’s recommended that when buying a home, you at the bare minimum have a home inspection. There are home inspection findings that are more common than others, however, no two homes are the same so it’s a great idea to get the home inspected.

Our team of expert advisors can help you with any inspections….

Next time….;. Your offer was accepted…. Now what?

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