How To Make An Offer (MLS / Resale)
- The agent will negotiate for you so that you get the best price in view of the market and the seller’s willingness to deal.
- Within a time usually specified in the contract, you will have a reply to your offer. You may have to counteroffer one or more times. On some properties, there may be multiple offers.
- When your offer is accepted, you usually need to submit “earnest money,” which you risk losing if you pull out of the deal. If the deal goes through, the money is applied to your down payment or other costs.
- The procedures for buying distressed property differs. (Describe process for short sales or bank-owned.)
- Once the offer is accepted, the property moves through a process that results in closing and transfer of the property.