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Understanding the Home Buying Offer Process

Mockaitis Law Group LLC Aug. 7, 2020

People preparing to buy their first house may understandably feel very excited and proud about the prospect of owning their home. They may also feel a bit nervous or unsure of what lies ahead as they lack familiarity with the offer and purchase process.

Many things may contribute to a successful home buying experience, making it important to understand each step of the process and the factors involved in an offer.

Home Buying and Purchase Price

The process of buying a home begins with an initial offer put forward by a prospective buyer to the current owner and seller. As explained by NerdWallet, a buyer should expect that the seller does not immediately accept that offer but responds with their own counter offer. Upon receiving a counteroffer, the buyer may choose to negotiate further and make adjustments to their original offer.

When making a first offer or responding to a counteroffer, a buyer should keep in mind that buying a house involves a lot more than agreeing on a purchase price.

Factors that May Influence an Offer

Quicken Loan notes that savvy sellers know to review many elements of a buyer’s offer to determine whether or not to accept it. This may be especially important when a seller receives multiple offers on their property, allowing them to select the one most attractive to them.

Offers contingent on the sale of another property may be less preferable than those without the contingency. Some sellers appreciate offers that allow them to rent back the property for a while to delay the date by which they need to move.