Negotiating the offer

Your CityWorth real estate agent will draft a contract and review all of the terms with you before submitting it to the seller’s agent. The contract will include things like the closing date, any of the EMD milestone dates, and a list of the items that convey (included with the home). It is a legal contract so make sure you ask questions if you have them. When your real estate agent submits your offer, they will also include a preapproval letter as proof you can qualify for a mortgage.

Reviewing your offer

The seller will review your offer along with other offers they receive. They will either accept, decline, or make a counteroffer. If they decline, you can still make another offer if you really want the house. If they accept, you are ready to start finalizing everything, getting fully approved for your loan, and closing on the house.

The seller may also counter with different terms. Common counter offers include a higher price, faster (or slower) closing dates, and the ability to rent the house back for a short period of time. The rent back is common because it allows the seller more time to move out and possibly find a new house.

Homebuyer’s Tip

The seller may negotiate with more than one buyer at the same time. If you really want a house, make sure you make a strong offer. The selling agent cannot give details about other offers so your agent will have to help determine what will make your offer stand out.