What Home Buyers should know about the offer process.
The offer process for buying a home is something Home Buyers should know.
First everything in Real Estate must be in writing. Home Buyers may have gotten a verbal agreement relayed to them by their agent from the listing agent that their offer will be accepted.
That’s all fine and dandy, but until a written offer from the Home Buyers is signed and delivered to the listing agent and the sellers sign it, there simply is no accepted agreement to buy that home of choice.
When both parties sign the purchase agreement, it is called “fully executed”. If there is no “fully executed” written contract, then the property is still on the market for any other Home Buyers to make an offer on it.
Let’s look into this offer process a bit more in detail.
The Home Buyers have found the home of their dreams and want to make an offer on the home. They want to offer less than the list price, because they want a deal. An offer is submitted to the listing agent or presented to the seller and it is not accepted at the first meeting, but the seller will counter the Home Buyers.
It is so important to understand that being in a counter offer situation does not mean that the seller is committed to the Home Buyers. The seller is, can and should continue to market their home and can accept another offer before the Home Buyers accept the seller’s counter offer.
In our local Ventura County Market, it is very common to have multiple offers, in this case, the seller can counter all the offers and does not have to counter the same details/items to the various Buyers that have submitted offers.
If Buyers are really committed to buying a home, they must know what kind of market they are buying into. Is it a seller’s market, buyer’s market or a balanced market.
The Real Estate Market in Ventura County generally speaking is now a seller’s market. What this means is there are less homes on the market which favors the seller’s. If a home is priced well, then Buyers should be prepared to offer their highest and best offer initially to get the seller’s acceptance on it and achieve the “fully executed” status.
It is imperative for Home Buyers to have a pre-approval letter from a reliable lender and know where the monies for their down payment is coming from and can prove this on paper. In this competitive Real Estate Market, seller’s will want to accept the best offer with the greatest chance of closing and a pre-approval letter and proof of funds presented with the purchase offer is a must.
Looking for a Home in Ventura County, let me guide you on that journey.
About the Author: Kathy Stoltman provides the above Real Estate information on Rancho Ventura Homes. Phone/text can reach her at 805-746-1793. Kathy offers a range of real estate solutions for buyers, sellers and investors, attracting clients who demand excellence—in marketing, negotiations, market knowledge—and a genuine concern for their needs.
Kathy services all of Ventura County beautiful Cities: with an emphasis on Ventura, Oxnard, Camarillo & Ojai.