Before we put the offer together we will discuss what price we would like to offer on the house. In some instances, we will need to verify existing home sale prices in the area. Once we know what amount we are offering, we will ask for an updated Pre-Approval from your lender for the exact amount.
At this point you can also request an updated expense worksheet to get an estimation of your closing costs as well monthly payment.
We will work together and formulate the actual sales contract "offer", including things like:
Once your Agent has prepared the written sales contract, you will initial each page of the agreement and sign off on it as well. These forms are then sent over to Listing Agent, and they will present the offer to the seller. Each offer expired under a day & time that is discussed in advance, typically it's 24 hours from the time you send it in.
At this point, your Agent will wait to hear any updates from the Listing Agent.
The Seller has three options once they receive your offer. The seller can accept your offer, counter with different terms or they can completely reject your offer. If the seller sends a counter offer, we have the same ability to accept, counter or reject.
If the seller counters, then we begin to negotiate with the intention to come to an agreement on terms, price, etc. This is where having a strong Zachary Reed & Associates REALTOR comes in handy, because we do this on your behalf to get the best deal possible with the least amount of hassle.
Once everyone has agreed on terms, everything is put into writing and you are officially "Under Contract". At this point our transaction management team will coordinate with your lender so they can begin processing your file.
There's quite a bit of coordination going on behind the scenes at this point, Title Company, Inspection setup, Lender Processing, and so much more.