Before you proceed with preparing your offer (more details below), it's essential to understand what to anticipate during the typical home offer process. Here's a basic outline of how it usually unfolds:
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Your agent submits your offer to the seller.
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The seller may:
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Accept the offer.
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Decline the offer, typically when it falls short of their expectations for negotiation.
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Present a counter-offer with revised terms.
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In the event of a seller counter-offer, you can respond by accepting, countering, or declining the new terms. The negotiation process can continue back and forth until a mutual agreement is reached, or one party decides to withdraw.
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Upon the acceptance of your offer (or your acceptance of a counter-offer), you'll enter into a contract by signing the purchase agreement. This initiates the contingency period, during which any inspections, appraisals, or other agreed-upon actions will be carried out.
When visiting a home, it's important not to be distracted by furniture or decor. Focus on the location, land, and the overall space of the house. Carry a pen and paper to take notes on homes that pique your interest. It's advisable to schedule second or third showings if needed; there's no rush to make an immediate offer. Collaborate closely with your real estate agent and take the time to become better acquainted with the property. Check details like school assignments, aircraft zones, flood zones, rental caps, easements, and other pertinent information. Ensure that the home you're considering aligns with your long-term living aspirations.