I wanna buy a home Part 3: I've found the home I love, now what?
by Tomeka Givens
When going out on showings, please be sure to bring your check book. Remember every meeting to see homes is with the intention to purchase one of them, should you decide that home is the one. Stay on ready!
Once you've found the home you love and decide to write an offer, we will then discuss the details from your financing strategy regarding the terms of your offer: offer price*, seller help/concessions (if needed), amount of your Earnest Money Deposit (EMD) and any other terms that may apply. Finally, you will write a check, as instructed, for your EMD** and I will then head out to write up your offer. (A copy of your EMD and pre-approval letter will be a part of your offer.)
I will then submit the offer I've written via email for your e-signature(s). After you sign the offer, I will then submit to the listing agent to present to the seller and await the seller’s response.
The seller has 3 options with your offer: Accept, Counter Offer or Reject.
If the seller rejects, then they did not like or agree to your offer. This is typically the result of an offensive bad/low offer. Or they may have had a change of heart about listing that home and no longer want to sell. (This sometimes happens and has nothing to do with you.)
If the seller counters then there are a few terms they'd prefer change (i.e. higher offer price, less concessions, quicker closing date, etc.) If the seller counters your offer, you have the right to counter their counter offer. These negotiations will take place until you two reach a happy medium on which you both agree.
If the seller accepts then they are okay with all the terms of your offer and will sign the contract/offer. You now have a ratified contract and are officially "under contract."
* Offer price will be subject to the comparables (comps) pulled to ensure the asking list price is not overpriced.
** Your EMD will be cashed (deposited into my Brokerage's escrow account) not just held. Please govern your funds accordingly to ensure that your bank account, from which the check is written, has the sufficient funds. Returned checks will result in your lender denying your final approval right before settlement.
If you have any questions please contact me: