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Making an Offer to Buy Real Estate

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Once you have found your dream home, then it is time to determine what dollar amount you would like to offer the seller for the purchase of the home.  Buyers making offers on homes with high competition need to be aware that their offer should be higher, or even exceed the asking price if they hope to be the accepted offer.

It is important to remember to be realistic.  Make offers that you want the seller to accept.  It is likely that if you offer 80% of the listing price, that you will have an upset seller and listing agent on your hands and you might not receive a counter offer…

Your Realtor® is your best investment here as their role is to educate you and provide you with the current market value of the home so that you are in a position to offer wisely.  Take into account the listed price of the property and the price of homes sold in the area which are similar to the property. .  Pay attention to the listing price of the home and sale prices of comparable properties.  Base your offer on that percentage which will likely be between one to three percent of the listing priced.

The offer can be rejected or accepted or the seller may counter offer.   Your agent will act on your behalf, presenting the offer to the seller and their agent and negotiate any terms.

Once the seller receives the offer, the ball is in their court and he can then reject, accept or counter offer.  Here, your agent will negotiate the terms of the contract.

For most single family home purchases, the contract procedure is standard.  Real estate professionals use a standard contract which has been written by attorneys and approved by the Texas Association of Realtors and protects each party in the transaction.

As the buyer, it is essential that you understand the writing of the contract offer.  Read it over with your Realtor® and be sure that they explain the meaning of what is on the contract offer.

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