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What Homebuyers Ask for When They Make an Offer

Wednesday, January 12, 2022   /   by Alex Lee

What Homebuyers Ask for When They Make an Offer

Have you ever been nerve-wracked watching people walk through your property? Are you trying to figure out when a buyer is interested and what to expect from someone who makes an offer? Most homeowners who are serious will be thinking of making an offer, but they won’t necessarily leap up and make a bid immediately.


Unfortunately, there's no way to know exactly what to expect from a request. Generally, though, when buyers make an offer, they're interested in details about the home, as well as the certain conditions to close the sale. Below are a few things that buyers may ask for:


They Know What They Want


A serious buyer will do their homework and know what they want. They'll understand the area, see the neighborhood and compare recent sales for this area. This type of buyer will make the offer as soon as possible, because they don’t want to miss out.


Who Presents an Offer


Once a buyer decides to make an offer, they will contact their real estate agent and draw up a contract. These documents will meet regulations for the state in which the property is located. The contract will specify the price, and any terms and conditions that you and the seller have agreed to. So, if you decide to help with closing costs, the amount will be stipulated here.


What's Included in the Offer


If you accept the offer, it'll become a binding contract or a purchase agreement, so be sure that the offer has every aspect you discussed. It should contain:




  • The address of the property




  • The sale price




  • The terms of the sales




  • The commitment of having a clear title




  • A date for closing




  • A method in which utilities and taxes will be prorated and adjusted




  • A provision where the buyer can make a last inspection before closing




  • Any contingencies




Contingencies


The buyer may make certain contingencies. This means that the sale is dependent on certain events, such as having your roofing inspected. Damaged roofing can often be a deal-breaker, so it's best to have your property’s roof inspected and repaired by a professional before you list your property. The most common contingencies are financing and home inspection.


Earnest Money


If the buyer places a deposit with his offer on the house, it shows good faith. Usually, an attorney or agent holds the deposit as a part of the down payment.


Binding Agreement


If, after receiving a written offer, you sign and accept it as it stands, the offer becomes a contract and you are notified of the acceptance of the buyer. If the buyer rejects your counteroffer, that's the negotiation's end.


You can accept, reject or make a counteroffer to any offer a potential buyer makes before you sign its acceptance. It's important to determine buyer expectations so that you will be able to respond to offers accordingly.


 
Capital Management Realty, Inc
8642 Garden Grove Blvd
Garden Grove, CA 92844
714-202-2525
NMLS # 1705248

Based on information from California Regional Multiple Listing Service, Inc. as of June 25, 2022. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
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