When you find your dream home
When it comes time to make an offer, your Real Estate Sales Representative should provide current market information to you in an effort to aid you in determining a fair price for your Offer to Purchase. Your representative will also assist you in drafting an offer that contains, where necessary, the appropriate conditions and clauses, designed to protect your best interests as the buyer. Once the Offer to Purchase has been drafted, your representative will liaise with the seller’s representative; delivering your offer to them and in turn presenting you with any ensuing counter offer that may be returned to you as a result.
At times, there are multiple offers presented to a seller from multiple interested buyers. Your Sales Representative will guide you through this process, making every effort to ensure that your interest are protected and that you are abreast of any developments as they occur.
Below are the typical definitions used to describe offers that are in play;
Firm Offer to Purchase
Usually preferred by 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.
Conditional Offer to Purchase
Usually means that you have placed one or more conditions on the purchase, such as "subject to home inspection", "subject to financing" or "subject to sale of buyer's existing home". The home is not sold until all the conditions have been met.
Acceptance of Offer
Your Offer to Purchase will be presented at the earliest possible opportunity. The seller may accept the offer, reject it, or submit a counter-offer. The counter-offer could be in reference to any number of factors, including the closing date and/or the purchase price. The offers may sometimes go back and forth until both parties have agreed upon an offer or until one or the other ends the negotiations.