Curious about what happens before, during and after making an offer on a house? Here’s what you need to know:
Determine Your Budget Through Pre-Approval: Meet with a mortgage broker or banker (if you need suggestions, we have them ready!) to get your mortgage pre-approval before you start your house hunt. This will give you a very specific idea of how much you can afford to spend on a home, factoring in your down payment, closing costs, and monthly mortgage payments.
Work with a Real Estate Agent: Partner with an expert real estate agent - like any of the Wild’s Home Team members! We will provide you guidance, take you on house tours, negotiate on your behalf, and ensure your offer is legally sound.
Research Comparable Sales: We will look at similar properties in the area to gauge the market value and ensure your offer is competitive.
Preparation of the Offer Letter: We will prepare your Offer for you. It will include the purchase price we’ve agreed on, any contingencies (such as financing and home inspection) you may need, and any additional terms or conditions.
Submit Earnest Money: Along with your offer, you may need to provide earnest money as a sign of good faith and commitment to the purchase. The Earnest Money is typically 1% to 3% of the purchase price (but can sometimes be higher if there are multiple interested buyers) and will be credited to you at closing.
Negotiate Counteroffers: Be prepared for potential counteroffers from the seller We will work with you to negotiate terms that are favorable to you.
Timelines: Include deadlines for inspections, financing, and closing in your Offer to ensure a smooth transaction process.
Understanding these steps should help you navigate the offer process confidently and increase your chances of securing your dream home. As always, if you have any questions, we’re here to help!