Finding a Home
Financing a Home
Closing on a Home
Making and negotiating your offer
You’ve found the right home—one you love and one that fits your budget. Now you need to make an offer on it.
You’ll make your offer based on the condition of the home, the price of similar homes in the area and the local real estate market. Typically, there is some negotiation, so be prepared for a little give and take on the final price.
You won’t have to do it alone—your real estate agent will be your ally and help you negotiate with the seller to set a fair price for the home.
Negotiating the price
Once you make your offer, the seller may come back with a counteroffer. Your real estate agent can help you decide whether you should accept that offer, or if you want to make a new one. Keep in mind that negotiations can continue as you learn more about the home. For example, the home inspection may reveal water damage or a faulty heating system. In that case, you can lower your asking price, or require that the issue be repaired.
You can also negotiate who will pay all or some of the closing costs, a termite extermination if deemed necessary by the home inspector, and the home warranty.
Hopefully, you and the seller will reach an agreement on the price. If you make an offer that's accepted, it becomes a binding contract.
Sometimes it doesn’t work out. Remember, it can be in your best interest to walk away, especially if a seller asks for more than your maximum price point or if major structural damage is found.
In that case, have some other homes in mind as alternatives if your first choice doesn't work out.
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