Offer and Negotiations
Once you have chosen the right home for you, it’s time to write an offer. There are many components to making an offer and it is rarely just about price:
- I will provide you with research on the market to help you determine what price to offer. I will also provide you with a list of comparable properties in the area so you can evaluate the competition and what others have paid.
- If you have not already done so, you will need to provide the letter of pre-approval from your lender. This will be necessary for the seller to even consider your offer, or accept your offer.
- You will need to write a personal check for earnest money (or it can be wired). When I present the offer, I will include a Receipt For Earnest Money form to demonstrate you are a sincere and solid borrower. When/If your offer is accepted, you have few days to deposit your earnest money with escrow. Washington State law requires that earnest money is deposited within two or three business days after mutual acceptance (depending on the circumstance) unless both parties agree otherwise in the contract.
Together we will prepare the actual purchase and sale agreement to determine all the terms and conditions of the sale. The contract is then given to the seller’s broker for consideration. All transactions vary in terms of when you can expect a reply, however, I try to get a feel for the response as soon as possible. The important thing to know and understand is that an offer is not binding or ‘done’ until all parties have agreed to all terms, which can take several counteroffers, spanning many hours, days, even weeks and both buyer and seller have ‘signed around.’ Until that moment, other buyers or offers can enter into the picture, jeopardizing your position. For that reason, speed and timing are of the essence.
If the seller counteroffers, I will work with the listing broker on the contract terms. Although I am a strong advocate for your needs and will work diligently on your behalf, I also believe in win-win negotiating where both sides come together and make all the pieces of the puzzle fit for all involved.