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Making an Offer

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Making an Offer

A written offer is the cornerstone of any real estate transaction. Oral agreements are not legally binding in the sale of real estate. At EquityShield Group, your REALTOR® will help you craft a written, legally binding offer that reflects the right price, terms, and conditions for you. They will guide you through the entire process, from the initial offer to counteroffers, negotiations, and closing.

Once the offer is prepared and signed, it is presented to the seller’s real estate agent, who then presents it to their clients.

WHAT IS IN AN OFFER?

If your offer is accepted without changes, it becomes a binding sales contract, serving as a blueprint for the final sale. An offer typically includes:

• Property Details: Address and legal description of the property.

• Sale Price: The amount you are willing to pay.

• Terms: Such as all cash or subject to obtaining a mortgage for a specified amount.

• Clear Title: Seller's promise to provide clear ownership.

• Closing Date: Target date for closing the sale.

• Earnest Money Deposit: Amount of deposit, form of payment, and terms for its return or forfeiture.

• Adjustments: Method for prorating real estate taxes, rent, and utilities between buyer and seller.

• Expenses: Who will pay for title insurance, surveys, inspections, etc.

• Type of Deed: The kind of deed to be provided.

• Final Walkthrough: Provision for a last-minute inspection before closing.

• Expiration: A time limit after which the offer expires.

• Contingencies: Conditions that must be met for the sale to proceed.

CONTINGENCIES

Contingencies, or "subject to" clauses, specify events that must occur for the purchase to proceed. Common contingencies include:

• Sale of Current Home: Buyer must sell their current home before purchasing the new one.

• Obtaining Financing: Buyer must secure financing before purchasing the new home.

NEGOTIATING TIPS

You are in a strong negotiating position if:

• You are an all-cash buyer.

• You have a preapproved mortgage and do not need to sell a current home.

• You can close and take possession at a time convenient for the seller.

In these scenarios, you may negotiate a discount from the listed price. Conversely, in a competitive seller’s market, you might need to offer the list price or higher to secure the property.

EARNEST MONEY

Earnest money is a deposit made to show good faith when making an offer. The deposit, held by a title company, varies with each home and becomes part of your down payment.

SELLER’S RESPONSE TO YOUR OFFER

Your offer becomes a binding contract if the seller signs an unconditional acceptance. If the seller proposes changes, you may receive a counteroffer. You can then accept, reject, or counter the offer. Each change resets the negotiation process until both parties reach a mutually agreeable, binding contract.

At EquityShield Group, we are committed to providing expert guidance throughout your home-buying journey. Contact us today to ensure your offer is strategically crafted and successfully negotiated.

Preparing Your Financing

Why Use a Realtor When Buying a Home

Making an Offer

Home Buying Process

Community Data

Buyer's Glossary of Terms

A written offer is the cornerstone of any real estate transaction. Oral agreements are not legally binding in the sale of real estate. At EquityShield Group, your REALTOR® will help you craft a written, legally binding offer that reflects the right price, terms, and conditions for you. They will guide you through the entire process, from the initial offer to counteroffers, negotiations, and closing.

Once the offer is prepared and signed, it is presented to the seller’s real estate agent, who then presents it to their clients.

Preparing Your Financing

Why Use a Realtor When Buying a Home

Making an Offer

Home Buying Process

Community Data

Buyer's Glossary of Terms

WHAT IS IN AN OFFER?

If your offer is accepted without changes, it becomes a binding sales contract, serving as a blueprint for the final sale. An offer typically includes:

• Property Details: Address and legal description of the property.

• Sale Price: The amount you are willing to pay.

• Terms: Such as all cash or subject to obtaining a mortgage for a specified amount.

• Clear Title: Seller's promise to provide clear ownership.

• Closing Date: Target date for closing the sale.

• Earnest Money Deposit: Amount of deposit, form of payment, and terms for its return or forfeiture.

• Adjustments: Method for prorating real estate taxes, rent, and utilities between buyer and seller.

• Expenses: Who will pay for title insurance, surveys, inspections, etc.

• Type of Deed: The kind of deed to be provided.

• Final Walkthrough: Provision for a last-minute inspection before closing.

• Expiration: A time limit after which the offer expires.

• Contingencies: Conditions that must be met for the sale to proceed.

CONTINGENCIES

Contingencies, or "subject to" clauses, specify events that must occur for the purchase to proceed. Common contingencies include:

• Sale of Current Home: Buyer must sell their current home before purchasing the new one.

• Obtaining Financing: Buyer must secure financing before purchasing the new home.

NEGOTIATING TIPS

You are in a strong negotiating position if:

• You are an all-cash buyer.

• You have a preapproved mortgage and do not need to sell a current home.

• You can close and take possession at a time convenient for the seller.

In these scenarios, you may negotiate a discount from the listed price. Conversely, in a competitive seller’s market, you might need to offer the list price or higher to secure the property.

EARNEST MONEY

Earnest money is a deposit made to show good faith when making an offer. The deposit, held by a title company, varies with each home and becomes part of your down payment.

SELLER’S RESPONSE TO YOUR OFFER

Your offer becomes a binding contract if the seller signs an unconditional acceptance. If the seller proposes changes, you may receive a counteroffer. You can then accept, reject, or counter the offer. Each change resets the negotiation process until both parties reach a mutually agreeable, binding contract.

At EquityShield Group, we are committed to providing expert guidance throughout your home-buying journey. Contact us today to ensure your offer is strategically crafted and successfully negotiated.