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SweetCin
My green-eyed boy
Member since 5/05 13499 total posts
Name:
Cin
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Making an Offer Process
Just wanted to know what the typical route is when making an offer.....
1) do you come in under their offer price (IF THERE IS A RANGE LISTED)
2) Approximately how many times does it go back/forth?
3) How long does it typically take for the seller to get back to you w/ a counter offer?
4) What happens when an offer is accepted? (does the seller's lawyer make up a contract & it goes from there?)
Feel free to add anything else about this process.
Thx.
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Posted 6/26/07 9:30 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
MrsPowers
So blessed!
Member since 11/06 10348 total posts
Name:
Ivelysse
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Re: Making an Offer Process
Posted by SweetCin
Just wanted to know what the typical route is when making an offer.....
1) do you come in under their offer price (IF THERE IS A RANGE LISTED)
2) Approximately how many times does it go back/forth?
3) How long does it typically take for the seller to get back to you w/ a counter offer?
4) What happens when an offer is accepted? (does the seller's lawyer make up a contract & it goes from there?)
Feel free to add anything else about this process.
Thx.
All I can speak of was our experience. Our first offer was significantly under asking price. We submitted our offer through our realtor to theirs. Then the sellers countered our offer the next day. They told us the lowest they would go which was still a decent amount under asking. We thought about the counter for a few hours and decided to accept it. Before the contracts are drawn up you would have the house insepected. This ensures that everything is ok with the house, or they will let you know if there is something to discuss/bargain with the sellers about. Once the offer is accepted the seller's attorney sends the contract to you or your attorney. You go over the contract with your attorney and sign or make ammendments.
HTH! Good luck!
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| Posted 6/26/07 9:49 PM |
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2Pisces
Life Coach
Member since 2/06 3337 total posts
Name:
Paige
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Re: Making an Offer Process
Well, first of all....Happy House hunting to you!  
I will give you our scenario of buying our house.
We worked with an agent, whom we loved. She was great! She showed us our home and it was a home that was priced to sell. If we went under the asking price and din't jump on it, we would have lost it. The market is soft right now and I think you can def come in under the asking price if you feel it is the right thing to do. The sellers could counter with you.
We made an offer in early April. From there we met with our lawyer and papers were drawn up. Went into contract. Closing took place in June and we got our keys in July. She closed early for us to lock in our rate (5.5%) and we agreed to let her stay two weeks past clsoing to pack up, since she was a single mom moving out of state.
During this time we worked with a great banker who helped us immensely to get our mortgage. We were first time home buyers. 
Hope this helped a bit.
Good Luck.
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| Posted 6/26/07 9:53 PM |
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