Once you have found the perfect house and you are sure that it is the one that you want to buy, it is time to put in an offer. An offer is a written statement that tells the seller what you are willing to pay for the house. Your agent will have you sign the paper that tells what your offer is and give it to the seller’s real estate agent. Then you wait. Once the sellers get the offer they generally have a certain amount of time to think over what you have offered and make a decision about it.

What Happens When You Put An Offer On A House?

Once you have submitted your offer and your real estate agent has given it to the sellers agent there are three things that can happen. Either the sellers will accept your offer, they will reject your offer, or they will counter-offer a price that is somewhere between what you offered and what they wanted originally. Then the ball is in your court again to decide if you are willing to pay the amount that they counter offer.

An Example Of An Offer And Counter Offer Scenario

Say that the house of your dreams is listed for 500,000. You determine that you are willing to offer 460,00 for the property and you present that offer to the sellers real estate agent. Instead of accepting your offer or flatly denying it, the seller than counter offers with a price of 485,00. Now the decision has to be made as to whether or not you are willing to pay that much money.

The process of negotiating the price of real estate can seem a bit confusing, but it really comes down to how much money you are willing and able to pay for a new home.

Sean Rasmussen
Property Options Australia
Property Options Blog © 2006 - 2008

If you enjoyed this post, make sure you subscribe to my RSS feed!