One of the best parts of the buying process is when you find a home you love and are ready to put in an offer. This step is full of excitement, but it’s important to stay grounded and ask your real estate agent these 5 key questions before submitting your offer:
1. How should we structure the offer?
- Different offer structures can influence the seller's decision, so your strategy should be carefully considered. Ask your agent about your options such as a standard offer with inspection and financing conditions or an offer with more conditions and negotiations attached.
2. What conditions should we include in the offer?
- Conditions protect you as a buyer by allowing you to back out if certain conditions aren't met. These are critical to make sure you don’t end up in a bad deal! Your agent will explain standard conditions, but you might also consider others based on your needs and the property itself such as repair or timeline conditions.
3. How soon do we need to provide the deposit?
- Your deposit, which is the amount you submit within 24 hours of acceptance of your offer, shows the seller you’re serious. NOTE: The deposit counts towards your total down payment. If you back out of the deal without invoking a condition, you’ll forfeit the deposit. Make sure you understand the timeframe for your deposit so the offer process moves smoothly.
4. What’s the lowest price you think we could offer for this house and still close the transaction?
- Discuss with your agent the lowest price they believe will still be competitive and get you closer to closing the deal. This question can help you find the perfect balance between getting the best deal possible and still persuading the seller to choose your offer.
5. If the offer is accepted, what are the next steps?
- Before you even make the offer, you need to be prepared for what happens if your offer is accepted. This next part can move quickly! Your agent will walk you through the next steps, which can include counter-offers, negotiations, inspections and appraisals.
When you ask these questions, you’ll feel much more confident in your offer because you’ll have a deep understanding of all the moving parts. Plus, if the seller comes back with a counter-offer, you’ll be able to make a quick decision since you truly understand your offer.
Ready to make an offer on your dream home? Just send us an email to info@kafayatrealestate.com get started!