Congratulations! Before making an offer, feel free to return to the home for a couple more showings with friends or family. Enjoy this exciting time when you feel twitterpated about your new home (that's right, I used a Bambi reference.)
Your awesome realtor will also take this opportunity to walk through the entire house and mark items that will "convey" with the home. For example: Anything that is attached to the walls should convey but if you see something you like (like a bathroom cabinet or wall sconce) and put it in the offer for good measure.
What to expect (besides your realtor being really busy):
Your awesome realtor will also take this opportunity to walk through the entire house and mark items that will "convey" with the home. For example: Anything that is attached to the walls should convey but if you see something you like (like a bathroom cabinet or wall sconce) and put it in the offer for good measure.
What to expect (besides your realtor being really busy):
- Decide on how much you want to pay for the house.
- Typically, you ask the seller to pay all of the closing costs.
- Your loan officer will need to send the pre-approval letter for the offer amount to your realtor.
- Write a check for $1,000 to the selling agency which is called an "Earnest Money Deposit" (don't worry - if the house doesn't work out, then you get this money back.)
- Realtor will run a "CMA" or Comparative Market Analysis to review similar (same sq. footage, neighborhood, age, etc.) listings in the area. The CMA basically provides a temperature reading to tell if your offer is comparable, higher or lower than the market.
- Realtor will recommend any offer adjustments based on the CMA.
- Realtor will write up the offer paperwork (around 15 pages) and review each page with you.
- Typically, you ask the seller for 14 days to have a home inspection done. If any issues arise during the home inspection that you cannot negotiate with the seller, then you can get out of the contract.
- After signing and returning the offer paperwork, the Realtor will send it to the selling agent.
- Typically, the seller will respond within 24 hours (unless you're dealing with a bank/foreclosure.)
- The seller will either accept your offer or mark changes (ex: revise amount of selling costs or advise if an item you requested does not convey.) If this occurs, do not panic. Your realtor will guide you through the negotiation process (more on that later.)
- If you and the seller come to an agreement, then you will have a "ratified contract" on a home!
If your offer is accepted, then you should do three very important things:
- Buy a ream of paper to prepare for the onslaught of paperwork from your bank.
- Schedule your home inspection.
- CELEBRATE!
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