6 Main Things That Go Into Making an Offer on a Home

Blog posted On December 14, 2022

You and your real estate agent have done the research and found the home. Congrats! Now it’s time to make an offer. An offer is important not only because of its price point. If an issue or question ever comes up during the transaction, this is the contract that you all will reference. Making an offer is a little more detailed than just writing a number on a piece of paper, so if you haven’t already, you might want to connect with a real estate agent – someone who is trained and ready to write you a winning contract!  

They will walk you through the offer and all of its ins and outs, but here is a brief overview of some of the key pieces:  

  1. Purchase price – One of the first things the seller will look for when reviewing the offer. This number will stay the same if accepted or will change when a counter is accepted. 

  1. Contingencies – Contingencies that can be found in an offer are inspection, financing, appraisal, or sale of a home.  

  1. Special stipulations and requested repairs – Some stipulations you may want to include could be appliances, a home warranty, or even furniture! After an inspection is completed, you may request certain repairs as well.  

  1. Earnest money – The amount of earnest money is usually around 1% of the purchase price. This shows the seller that you are serious about purchasing their home. In multiple offer situations, you may decide to do a larger earnest money deposit. 

  1. Move-in date – Your real estate agent may reach out to the listing agent ahead of time to see what would work best for the seller to make the offer more favorable. In a buyer’s market, there can be a lot more flexibility on move-in day. In a seller’s market, be prepared to offer a quick closing or offer temporary occupancy for the seller after closing.  

  1. Signatures – The offer is signed by you and your real estate agent, then sent to the sellers to also sign to have an executed contract. 

Are you ready to start your home search? It is a great time of the year to buy!  

Contact us for a quick preapproval!  

Sources: Realtor