How to Make an Offer
You’ve found the perfect home – great! Now it’s time to make an offer.
- What you offer on a property depends on a number of factor, especially how hot the neighborhood is, how long the home has been for sale (days on the market), the condition of the home, the urgency of the seller, and whether it is a buyer’s or seller’s market. While some buyers chose to make an aggressive offer (just to see if the seller will accept) this usually not the best strategy to implement. Ask your agent to do a Comparative Market Analysis (CMA or “comps”) with homes of the same size, condition and location to help determine a fair price for your and the seller.
Up Front Cost
- Earnest money– Opens escrow (Starts title search for liens, judgments etc) usually runs 1% of the total price of home, but can be higher in a hot market.
- Option fee- Gives you “X” number of days to inspect the property
- Inspection- This will provide you with a professional inspector that perform home inspections based on guidelines established by the TEXAS REAL ESTATE COMMISSION, and adherence to TREC standards. This includes inspecting the foundation, structure, plumbing, electrical, and HVAC. The professional inspector will also inspect the grading and drainage systems surrounding the home structure.
- Termite and other WDI Inspection– WDI Inspection is a written report of an inspection on a home, where visible and accessible evidence of infestation or damage by wood destroying insects is documented. One is typically required for a closing and commonly called a “Termite Inspection”, “Clearance Letter”, or “Termite Letter”.
- If you are flexible on the possession date, the seller will be more apt to choose your offer over others
- Often the seller plans on leaving major appliances in the home, however, which items stay or go is often a matter of negotiation.
Typically you will not be present at the offer presentation; we will present it to the listing agent and/or seller. The seller will then do one of the following:
- Accept the offer
- Reject the offer
- Counter the offer with changes
Hopefully, you and the seller will come to a mutually satisfying terms, and after the appraisal, survey, and title review, you will be the proud owner of a new home!
Feel free to contact our team if you have any further questions.
We are looking forward to working with you and your family in the near future