When it’s time to make an offer to buy, your Realtor will draft the offer with your input and will communicate the offer to the seller or their representative. In some cases, a Multiple Offer situation may occur and this is where things can get a little crazy. As your Realtor I will guide you through this process.
Firm Offer to Purchase
Usually preferable for the seller, because it means that you are prepared to purchase the home without any conditions. If the offer is accepted, the home is yours. This usually occurs in Multiple Offer situations where there is more than one buyer making an offer for the property. Unless you are super comfortable, I would always recommend a home inspection. For Sellers pricing their homes low in order to encourage multiple offers they may actually provide a home inspection for any potential Buyers.
Conditional Offer to Purchase
Usually means that you have placed one or more conditions on the purchase such as “Conditional on Home Inspection” or “Conditional on Financing”. You’ll then a short period of time in which to either waive or fulfill these conditions. The home is not sold until all the conditions have been met or removed.
Acceptance of Offer
Your Offer to Purchase will be presented as soon as possible. The seller may accept the offer, reject it, or submit a counter-offer/sign-back. The counter-offer may be in reference to the price, the closing date, or any other term in the offer. The offers can go back and forth until both parties have agreed or one of you ends the negotiations.
I’ve been in offer presentations that have lasted a few minutes to offer presentations that have lasted days. Without a doubt it is a high pressure situation for most people so you’ll want a Realtor there with your best interests in mind.