You’ve Found the Perfect Home, What’s Next?
The most exciting time in the home-buying process is when you’ve found that perfect Northwest Arkansas home that you want to buy! With access to a multitude of home search sites, browsing for homes online is the easy part. Making an offer is the next step, and your Coldwell Banker REALTOR® is your go-to guide through purchase.
Now, it’s time to put together an offer that will get you under contract and also ensure that you get a good deal on your new home. Your agent will be your expert guide and your resource as you craft the offer, wade through the negotiations, and then ultimately proceed to the closing table.
Your Coldwell Banker Harris McHaney & Faucette agent will help you draft the offer with a price, your intended financing information, estimated closing date, and terms, including earnest money (a guarantee that you’ll perform as a buyer in good faith), and contingencies for financing, appraisal, and inspections.
Ask Questions to Help Determine Your Offer!
When deciding on an offer price, you should take into consideration the most recent Northwest Arkansas market data for the surrounding neighborhood and comparable homes. Your agent can give you the information you need to answer questions like;
- What have other homes in the area sold for?
- How do they compare to the home you’ve chosen in terms of size, features, and amenities?
- Are there other offers on the table that you are competing against?
Depending on how active the market is and whether there are competing buyers, you may structure your offer to entice the sellers to pick yours.
If it’s more of a buyer’s market you may be able to include concessions (like a closing cost credit) that will benefit you!
A pre-approval letter from your lender should accompany your offer so that the sellers have confidence that your financing is in order and you are capable of proceeding to close on the house.
When you write the offer, you’ll also include an earnest money deposit, a percentage of the purchase price, as ‘consideration’. After you initial, sign, and date your offer, your agent will submit it to the sellers’ agent, who will in turn present it to the sellers.
Waiting is the hardest part…
If you haven’t written in a deadline for a response, the offer probably states that “time is of the essence”. When you hear back from your agent, you may have more negotiations if the seller countered your offer.
When both sides have agreed to and signed off on all terms and details, the offer is considered ‘ratified’, and you have a binding contract to purchase!
Once under contract, you are one step closer to HOMEOWNERSHIP! All of your hard work, patience, and diligence have guided you to a place you can call home!! Congrats!