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Now we have picked out a home it’s time to submit the offer!
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Making an Offer: How It Works
The process is actually quite simple. Your real estate agent will take care of a lot of the back end work on paperwork and such. But there are a few things that may happen when you submit your offer.
ACCEPTANCE
They may accept your offer. Congrats! You will immediately start the closing process.
REJECTION
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Your offer may be declined. But don’t fret, this happens all the time. There are others homes out there!
COUNTEROFFER
A different price may be offered to you. You can then either counteroffer again or accept their counteroffer.
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Do I Offer More Than the Asking Price?
The answer is: maybe.
If the home has multiple offers and is in a desirable area you may be more successful to offer more than the asking price.
Do I Offer Less Than the Asking Price?
Again, maybe.
If the seller is in a rush to move and needs to close rather quickly you can use this to your complete advantage. Furthermore, if the market has an excess of supply you will have a greater chance of winning with a lower price.
Always Moving Forward,
||| Max
As a certified credit counselor and syndicated writer at MaxMyMoney, Max has coached over 250 Millennials to help take the stress out of money. When Max is not coaching, you'll find him reading financial books, indoor cycling, or visiting local pawn shops looking for swiss-made watches.