During this process, we will also try to uncover any specifics that the seller would like to have accommodated in the sale process. Often times including those terms can lead to acceptance, possibly even at a lower purchase price. We will also try and determine if the seller has received other offers or if there is a threat of an offer on its way. Once we have this information we will prepare your offer which includes:
- Proof that you can afford their home. This includes the pre-approval letter from the lender and a financial statement showing proof of earnest money deposit and down payment.
- The Real Estate Purchase agreement with dates for all major deadlines included
Once the offer is submitted, the seller typically has 24 hours to respond with acceptance, a counteroffer or to not respond at all. We stay in touch with the seller’s agent during this process to keep tabs on how things are going and what we can expect to receive back. This communication allows us to discuss what our next steps will be.
If the offer is rejected, this means they got a better offer or better terms than we were able to offer. It is unfortunate but this is the reality of real estate. We can however offer to be a “backup” to the accepted offer should things not work out with their chosen offer.
If they counter offer we will discuss whether to accept or submit a counter offer.
And if they accept, then congratulations, you are under contract!