Offer Process: Submitting an offer:
After searching and touring homes you have found the home you want to purchase. What to do next?
1st Step: We will break down the price of the home with other comparable homes that have SOLD recently. We also want to check out any other homes that are still on the market that are comparable, hopefully we have already been to see them and have a good idea of what is on the market in this area.
2nd Step: We will submit the offer at the price you want and any contingencies you would like to add. Some things we will need to get the offer setup and over to you for signing.
- Amount of offer?
- Legal name(s) of the Buyer’s?
- Amount of down payment you are putting down?
- Pre-approval letter or proof of funds for cash offers. Sellers will not consider offers without one of these two things. Proof of funds please just leave the amount and name on the account. Cross out accounts numbers.
- Earnest deposit of $1000.00 made out to the Seller’s Broker. This money is part of the down payment and will be placed in the Broker’s escrow account. It CANNOT be co-mingled with the Brokers funds. If you pull out of the deal due to the home inspection or mortgage contingency we will get these funds back for you. Our job is to protect you and your funds and we will be right on top of this for you.
- Any certain closing date you need? Usually we are talking 30 to 60 days out so any vacations or days you know you will not be around need to be excluded.
- Contingencies? Two main ones that are almost always built into any offer are Inspection and Mortgage. But there can be many others. The more contingencies you have the less appealing your offer is to the Seller. Please see our contingency page for more information on these.
- Any other items you may want built into the offer. For example “We would like the Washer and Dryer included with this offer”. “Seller to pay $5000.00 of Buyer’s closing costs”. Items like these can be added to the offer and should be if you really want something included.
- Once all the paperwork is ready we will get it signed by the Buyer(s). We use electronic signing software that allows you to sign any document wherever you may be as long as you have access to your e-mail account. This lets you to sign an offer or any needed paperwork wherever you may be. You can be out of the country and as long as you have access to your e-mail account you can sign. We do not need to rush around looking to get signatures and hoping we get the offer in on time. At Bird Dog Real Estate we invest in technology to try and make your home buying process run more smoothly. We also can get together and sign in person if you are more comfortable with that. Whatever works best for you?
3rd Step: We will now submit the offer to the Seller’s Broker/Agent. In most cases we will give the Seller’s 24 to 48 hours to respond to your offer. Three things can happen now:
- The Seller can accept the offer.
- The Seller can reject the offer outright or not respond to your deadline (this sometimes happens with offers the Seller finds insulting).
- The Seller can counter offer. Any change to the original offer is a counter offer. Counter offers are usually verbal and over the phone or e-mail. A big point to remember is once we come to a verbal agreement in this counter offer process is to get it on paper and signed by both the Buyer(s) and Seller(s). You want the contract in writing and signed by both parties.