What to Expect When Making an Offer on a Home
You Found The Perfect Home. Here’s How to Make Your Offer.
Perhaps you were lucky and found your dream home on the first try. Or maybe you viewed what seemed like endless homes until you found that perfect one. Either way, with assistance from your buyer’s agent, you found a home that meets your needs, and now it’s time to make an offer on the property.
Before writing an offer, though, your buyer’s agent will connect you with a lender to help obtain pre-approval for financing unless you plan to pay cash for the home. Though some buyers skip this crucial step, pre-approval is required in today’s market to create a competitive offer. In fact, some sellers won’t even consider an offer without knowing that the buyer is financially able and ready to close the deal.
Once you have a pre-approval letter, you are ready to draft an offer that will set you apart from the competition but still align with the current market conditions. How does this process work? Your buyer’s agent is the key, as it depends on what steps they take to prepare the offer. Typically, this is how the process goes:
- Your buyer’s agent begins by conducting a thorough market analysis of your chosen property. They compare it to other similar properties in the area or neighborhood while also considering the home’s condition. Using this data, your agent will recommend a suitable price range for the offer that is reasonable yet strong, given the condition of the current market.
- Your agent will then gather supporting documents and prepare the contract to create an attractive and easy-to-understand offer for both the seller and their agent. We could share many tales about sloppy and incomplete submissions that we have received on listed homes and how hopeful buyers missed the deal because their agent did not put forth enough effort to follow directions and satisfy criteria. Though, this is not the Heartland Network standard. We take great pride in the level of care and professionalism we show for our clients. Our industry reputation and volume of satisfied clients speak directly to the level of service we provide to each client.
- Next, your buyer’s agent should follow up with the selling agent to ensure that the offer was well-received and to check if they have any questions. The agent will also confirm the timeframe to review the offer, so you will know when you should receive an answer. Adding this additional level of communication helps set the tone with the seller to show that you are a serious buyer who wants to make the transaction as easy as possible. Again, partnering with a Heartland Network agent who has the reputation of being top-notch may make all the difference. When a selling agent tells their sellers that they worked with Heartland Network prior and all transactions flow seamlessly and smoothly from offer to close, it can set you leagues ahead of the competition.
- Generally, there are three common responses that you may receive for your offer:
- Acceptance: Congratulations! Once all of the documents are signed by both sides, you can call yourself a satisfied homeowner!
- Counteroffer: If the seller presents you with a counteroffer, your agent will help you decide to accept the offer, counter it with a figure that works better for you, or even reject it.
- Declined: Don’t get discouraged if your offer is declined. Your buyer’s agent can connect with the selling agent to determine if a better offer is more appealing to the seller. If this negotiation works for your circumstances and budget, then great. If not, then you can always find a home that is better suited for your needs.
Are you ready to buy that perfect home? We here at Heartland Network are eager to help guide you through the process or answer questions that you may have. Complete the short form below, and a friendly agent will contact you soon.