MAKING AN OFFER
When you’ve found the home, it’s time to make an offer.
We will guide you through the entire process and advise you on the options and choices you’ll have available. Once you’re comfortable with all the details, we will communicate your offer to the seller or the seller’s representative, on your behalf. Sometimes there may be a competition situation where more than one offer on a property is coming in at the same time, but we’ll be there to guide you through every step of this process.
Agreement of Purchase and Sale: a legal document which specifies the terms and conditions of your offer to purchase the home. The offer can be Firm or Conditional.
Firm Offer: Usually preferable to the seller because it means that you are prepared to purchase the home without any conditions. If the offer is accepted, you are obligated to purchase the home.
Conditional Offer: 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.
OFFER AND COUNTER OFFER
Your Offer to Purchase will be presented as soon as possible. Once presented, the Seller has three choices to make; he or she may accept your offer, make a counter offer, or not respond at all (reject it). The offers can go back and forth until both parties have agreed or one of you ends the negotiations.
Accepted Offer: The seller signs and initials the offer and you are notified that it has been accepted. This has now become a binding agreement.
Counter Offer: The seller makes a counter offer which may contain changes to the price, the closing date, or any number of variables. Now you have the same three choices: accept, counter offer, or reject.
Rejected Offer: The terms of your offer are not acceptable to the seller and the seller has chosen not to respond to the offer.