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Making an Offer

Posted by [email protected] on April 20, 2020

As a Real Estate Professional, creating an offer and the subsequent negotiation process is perhaps the most important function that is served. Once you have chosen a desired home, I will provide current market information and recently sold homes in the area to help determine the right offer price. The next step is to develop an effective strategy to get you the home at the best price possible. Sometimes multiple strategies will be developed in a busy market where more than one buyer is interested in the same home.

After drafting the offer, known as the Agreement of Purchase and Sale, I will then present the offer to the seller and/or the seller’s representative on your behalf. At this stage, I create a positive image of you as the buyer in order to win over the seller by developing a positive feeling about you as future owners of their home.

Firm Offer to Purchase

Usually preferable to the seller, because it means that you are prepared to purchase the home without any conditions. If the offer is accepted, the home is yours. In a multiple offer situation, this is the strongest position to take. Usually, steps are taken in advance of the offer (eg. home inspection or mortgage pre-approval), to eliminate the need for conditions.

Conditional Offer to Purchase

This is common in most offers where yours is the only one presented. It means we have placed one or more conditions on the purchase, such as “subject to home inspection”, “subject to financing” or “subject to sale of buyer’s existing home” to ensure that our interests are protected before buying the home. The Agreement of Purchase and Sale is not binding until all the conditions have been met or waived. Until then, the home is shown on MLS as “sold conditional”.

Acceptance of Your Offer

Your offer should be presented as soon as possible. The seller may accept the offer, reject it, or submit a counter-offer. The counter-offer may be in reference to the price, the closing date, or any number of variables. The offers can go back and forth until both parties have agreed or one of you ends the negotiations.

If you would like more information on making an offer, or for more information on buying a home please do not hesitate to call or simply complete the form below.

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