You’ve found The ONE! How exciting!
Now it’s time to place an offer.
Initial Offer Price: First off, you should read these two blog posts to help you decide on the price you want to offer: How Much Below the Asking Price Should We Offer on a House? And The Reasons Why Your Offer Was Rejected
Determine Your Walk Away Price: Second, determine your Walk Away Price. Know that there’s a good chance (depending on your offer price) that the Sellers will counter your offer. Establishing your top dollar now will help eliminate your chance of making a decision based on emotion rather than logic. Negotiating a contract can get heated at times but I’ve got you!
Closing Date: Just so you know, it usually takes about 30-45 days to close on a home if you’re getting financed. If you’re paying cash, you can close earlier. Let’s talk about your schedule before we peg down your closing date.
Deposit: In the state of Louisiana a deposit is not required, but it is common practice to put down approximately 1% of the Offer Price. Sellers like to see that you’re serious enough to put some “skin in the game”. If you choose to place a deposit, we usually ask for a personal check or money order. If using a personal check it will be deposited in an escrow account and will clear your bank shortly after delivery. The deposit will be held in the listing agent or closing attorney’s account until the time of closing, at which time it will be given back to you or applied to your loan or closing costs/pre-paid items (if you desire).
Offer Questionnaire: Before I can prepare the offer there are a several questions that I need you to answer first. Please complete this questionniare and email/text me as soon as you’re finished. It’s best to place offers within a few hours if at all possible. Especially if it’s a hot property!
Once we’ve had a chance to chat about the items above and you’ve completed the offer questionnaire, I will complete the offer and send it to you for electronic signatures via Authentisign. Please watch this video for instructions if needed.
After you sign the offer I will send it to the listing agent. It may take some time for the sellers to make a decision so be prepared to wait. If we say that the offer is good for 36 hours, it might be 35 hours and 59 minutes before we hear back.
When the sellers receive your offer, they have three choices.
- They can reject your offer.
- They can change one or more items on your offer and submit the offer back to you (a counteroffer).
- They can accept your offer as is.
Technically, there are four options. Although it’s rare, the seller can let your offer expire. In which case, I would communicate with the listing agent to attempt to get an answer for documentation purposes.
If the sellers reject your offer, you may submit a new or revised offer and start the process over. If the seller counteroffers, you also have three choices: reject, counter or accept. This process continues until all parties agree and have signed the contract or until the final counteroffer is rejected.
I’m so excited that you’ve found a home you want to make yours. Let’s place a strong offer and hope for the best! I’ll be in touch as soon as I hear back from the listing agent so keep your phone nearby.