Writing an Offer

Writing an Offer What happens when an offer is submitted?

So excited! You found the home that you want to live in, so now it is time to write an offer. The location, the price, how long it has been on the market, and other variables will play into what your offer will look like. We will work together to make the offer competitive, considering the current market.

Your formal offer will be documented in writing on a purchase contract. The offer will include, among other terms:

Sales Price

Earnest Money Amount (Typically 1% of the purchase price, more if you want to show you are a serious buyer)

Seller-Paid Concessions, if any (Usually in the form of prepaid closing costs and credit at closing)

Contingencies (A condition specific to the offer. Do you have a home to sell? Other common contingencies are financing, inspection, and appraisal)

Personal Property (These are items you are requesting as part of your offer. Common requests include refrigerators, washer, dryer, sheds)

Extending an offer

Once the offer is written and presented to the Seller by their listing agent, the Seller can accept, reject, or counter the offer to purchase. The offer can be countered back and forth several times until both Seller and Buyer come to a mutual agreement, or one of the parties wishes to reject the offer or counter offer.

A home warranty can be requested as one of the terms of the offer, asking the Seller to cover the cost of a one year home warranty that covers most systems and appliances in the home. Sometimes, if there is competition for the home, you, the Buyer, may choose to purchase your own home warranty.