10 Step Guide to Buying a House – Step 7
Step 7 – Make an Offer
A proposal to buy includes both the price and terms. Terms can represent thousands of additional value or costs to the buyer and are extremely important.
Determining the amount to offer depends on the basic laws of supply and demand: If many buyers are competing for homes, then sellers will likely get full-price offers and sometimes more. If demand is weak, then offers below asking price may be in order.
How Do You Make an Offer?
The process varies around the country, but typically you will complete an offer document that the realtor will present to the owners agent. The owner may accept the offer, reject it or make a counter offer.
Because counter offers are common, it’s important for buyers to remain in close contact with their realtor during the negotiation process so that any proposed changes can be quickly reviewed.
How Many Inspections?
A number of inspections are common in residential realty transactions. They can include checking for termites, surveys, appraisals, title review structural and home inspections…as well as others.