So, you’ve been pre-approved for a mortgage, found the home of your dreams, and submitted an offer to the seller.
There are three outcomes that you can expect after submitting an offer on a home that is for sale on the Lowry real estate market.
Here’s what you should know:
Outcome #1: Offer is Rejected
The seller could reject your offer if he believes that it is too low and not worth countering.
Sellers can also reject your offer if they don’t agree with one of the terms of the deal.
For example, the seller may only want cash offers, so if you are getting financing, he may not be interested in making a deal.
In a competitive market, a seller could reject your offer simply because he receives a better one from another buyer.
Outcome #2: Offer is Countered
Most of the time, if a seller is not satisfied with your initial offer, he will submit a counter offer instead of just rejecting it.
Although most counter offers include an increase in price, the seller could also counter other terms of the deal.
For instance, the seller may be willing to accept the sales price from your initial offer, but he may want to ask you to move up the closing date. A counter offer signals that the seller is willing to negotiate as long as you are willing to compromise.
If you receive a counter offer, you can either accept it or submit another counter offer and go back and forth with the seller until you both agree on a price.
You will need to work with a real estate agent to determine what you should do after receiving a counter offer from the seller.
Learn all about a real estate counter offer
Outcome #3: Offer is Accepted
And the best outcome is saved for last...
There is the possibility that the seller will accept the first offer that you submit!
Once you hear that your offer has been accepted, you will need to work with your real estate agent to determine what needs to be done before closing.
Most buyers will need to finalize their financing agreement, secure homeowners’ insurance, and schedule a home inspection.
Buyers will also need to do a walk-through of the home before the closing date to ensure the property is still in good condition.
You will also need to prepare to pack your belongings, transfer your utilities, and move out of your current home.
It’s important to note that a deal is not finalized until the closing date.
Did you know…
Before closing, the deal can fall through at any time if one party gets cold feet. The deal can also fall apart if you aren’t able to secure financing or if unexpected issues arise during the home inspection.
It’s best to work with a real estate agent to avoid as many of these problems as possible, especially in a seller's market.
Are you ready to buy a home in Lowry? Contact Elevation Realty
to be connected to a team of experienced real estate experts ready to help you with your home buying or selling journey.