So you found the home you love, great! The next step is to write an offer and submit a purchase agreement. Does it cost you anything to write or submit an offer? Nope, it’s free, so write away! The first costs come after an offer is accepted which would include earnest money, inspections, and an application fee which you will discuss with your agent.

The sales contract (or purchase agreement) is a 5-7 page document that can be completed in-person or electronically. The agent will walk you through the terms of the contract and make suggestions to prepare the best offer for you.

Some items to consider when writing an offer are:

• Whose name will the home be in?
• What price are you offering?
• What type of inspections do you want to perform?
• How much earnest money deposit will you put down?
• Who is the Title Company?
• Closing date (typically 30-45 days from the time the offer is accepted)

After the documents are properly prepared, your agent will submit the offer with your pre-approval letter to the listing agent and will negotiate your terms on your behalf. Sometimes the negotiations can move as quickly as a few hours and other times could last several days depending on each seller.

Who is the listing agent? The listing agent is referring to the real estate agent representing the seller in the transaction. They have an agreement with the seller to work on their behalf and market the property for offers to purchase.

What if there are multiple offers on the property? In a competitive market, it’s not uncommon for a seller to receive multiple offers on a property. If this happens, a listing agent will typically call for each buyer to submit their HIGHEST AND BEST offer usually with a deadline. At that time a buyer can revise their offer, keep their offer the same, or withdraw their offer. The seller will move forward with the offer that best fits their needs and will evaluate all terms including price, inspections, type of loan, or cash.

Once the buyer and seller have agreed on the terms, the agent may ask for final initials or signatures if there have been any changes to the original offer. Once you have a signed contract from both parties, you are officially under contract to purchase the home!