Making A Real Estate Offer

Making a real estate offer can seem a bit intimidating. At Spencer Properties, our real estate agents are experts in the Raleigh real estate market. We will help you put together a written, legally binding offer that reflects the price, terms and conditions that are right for you.

The Real Estate Offer

In The Complete Idiot’s Guide to Buying and Selling a Home, Shelley O’ Hara and Nancy D. Warner define the offer process as “a combination of price and terms. If you give something up on price, you can expect to take something on terms. Everything is negotiable – the price, the terms, the occupancy date, what personal property is included, everything. You can ask for what you want. You may not get it, but you can ask. Unless you are in a very competitive seller’s market, don’t offer your best price first. Leave room for negotiating.”

Terms and Contingencies

The terms of an offer can vary greatly from case to case. Reasonable examples of terms that you may put fort in your offer include items such as asking the seller to contribute to closing costs, leave heavy appliances behind, or provide a home warranty for the first year. There is much wiggle room when creating terms and contingencies. Remember that.

Price

The highly qualified agents at Spencer Properties are prepared to help you identify a reasonable starting price when making an offer on a home. Whether it is a new construction or a resale, the price is negotiable.

There are oftentimes clues that signal how highly motivated the seller is to move quickly. For example, if the house has been on the market for a while (a term that is completely relative), or if the price has been reduced a number of times, we can see that we are dealing with a highly motivated seller. However, there will be times when the seller is unlikely to budge much off their asking price. If their asking price is below fair market value, and homes are typically selling quickly in their neighborhood, for example, this buyer will surely not take a lowball offer, knowing that a better offer is not too far away.

The Seller’s Response

As soon as you are notified of acceptance, your offer becomes a binding contract. If the offer is rejected, however, the seller has the option of submitting a counteroffer. This process can take less than a day, or it can take several days.  Each time either party makes any changes in the terms, the other side is free to accept, reject or counter again.

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