What Happens When I Find a Home I Love?
You’ve been looking.
You’ve seen homes that were “okay.”
You’ve seen homes you definitely didn’t want.
And then suddenly…
You find one you love.
Now what?
First, take a breath.
Finding a home you love is exciting, but loving the house doesn’t automatically mean you should write an offer without looking at the details.
This is where we slow down and evaluate.
First: Let’s Look at the Whole Picture
Before writing an offer, we’ll talk about the property beyond what you see on the surface.
We’ll look at things such as:
- Asking price
- Recent comparable sales
- Current market conditions
- Property taxes
- HOA information, if applicable
- Condition of the home
- Age and condition of major components when information is available
- Disclosures
- Days on market and listing history when relevant
- Your financing
- Your desired closing timeline
- Anything you’ve noticed during the showing
The goal is to understand what you’re considering before you commit to an offer.
Then We Talk About Your Offer
There isn’t one magic formula for making an offer.
Price matters.
But so do the terms.
We may talk about:
- Purchase price
- Earnest money
- Financing
- Inspection provisions
- Appraisal provisions
- Closing date
- Possession
- Seller-paid costs or credits, if appropriate
- Other terms that may matter in the transaction
Your lender and, when appropriate, your attorney are important parts of this process too.
Then the Offer Is Written
Once you’ve decided what you want to offer, the appropriate contract and related documents are prepared.
This is where you want to understand what you’re signing.
Never be afraid to ask what something means.
If you don’t understand a term, ask.
My job is to explain the real estate side of the transaction in plain English.
Your attorney and lender can advise you on the legal and financing aspects that fall within their roles.
The Seller Reviews It
Once your offer is submitted, the seller has choices.
They may:
- Accept it
- Counter it
- Reject it
- Take another action allowed under the applicable process
You don’t necessarily get an immediate answer.
And yes, waiting can be stressful.
That’s normal.
If the Seller Counters
A counteroffer means the conversation isn’t over.
The seller may change the price, terms, dates or other provisions.
You’ll have the opportunity to decide how you want to respond.
You are never obligated to accept a counteroffer simply because you started the conversation.
If the Offer Is Accepted
This is where things start getting very real.
An accepted offer doesn’t mean you’re finished.
It means you’ve moved into the next phase of the purchase.
Depending on the transaction, you’ll have additional steps involving things such as:
- Contract review
- Inspection
- Attorney/title work
- Financing
- Appraisal
- Insurance
- Required documents
- Closing preparation
The exact process and timing can vary.
And This Is Why Preparation Matters
When you’ve already thought about your budget, priorities, financing and deal breakers, it’s much easier to make a decision when the right house appears.
You’re not starting from scratch.
You’ve already done the groundwork.
One More Thing
Please don’t feel embarrassed if you suddenly start questioning everything after finding a house you love.
It happens.
“Did I make the right decision?”
“Did I offer too much?”
“What if something better comes along?”
Buying a home is a big decision.
Questions are normal.
That’s one of the reasons I’m here.
We’ll walk through the information, the numbers and the next steps together so you understand where you are and what happens next.
Have a Question?
Buying a home comes with a lot of questions. You don’t have to figure everything out on your own.
Have a question about something you read here? Want to talk through your situation? Or just not sure what your next step should be?
I’m happy to help.
Schedule a Time to Talk With Karyn
No pressure. No obligation. Just straight answers.
Prefer to just send me a question?