As a first-time homebuyer, it's thrilling to find the place that you hope to call home. However, to have a chance at owning your dream house, you need to officially show your interest by making an offer. While a Realtor® will help you through the specifics of this process, this guide explains the basics so that you know what to expect before consulting a professional.

What Should You Do Before Making An Offer?

When houses are in high demand, sellers receive many offers as soon as their home hits the market, which means buyers have to act quickly. Know your criteria, feel confident about the home, and act fast to increase your likelihood of success. 

Additionally, ask the Realtor if they know the seller's situation. For example, some sellers need to move quickly, so they may be willing to take a lower price if the transaction can close fast. Other sellers may want to get top-dollar for their home, so they're willing to wait until the best offer comes along. Your Realtor can speak with the listing agent to find out more about the seller's priorities.

What Are the Steps In the Offer Process?

The offer process is straightforward. The Realtor will determine the specifics of your offer, including the purchase price, deadlines within the transaction, the breakdown of how the purchase will be funded, and what items will be included or excluded from the sale. Your agent will put these terms in writing and then send the contract to the listing agent. 

The seller can either accept, reject, or propose a counteroffer to your offer. Your agent will help you determine the next steps after you've received a response. 

What Are Some Price Negotiation Tips?

Buyers can use many creative strategies to negotiate the price. For example, sellers tend to like cash offers–even if they're a bit lower than non-cash offers–since they don't have to worry about the buyer securing a home loan. Consider making a cash offer if it's a possibility. 

In any offer, you'll include an earnest money deposit to reassure the seller that you'll perform. You can increase this earnest money amount to appeal to sellers. Finally, offer a higher purchase price but ask the sellers to contribute to closing costs so that you don't have to pay as much out of pocket. 

The talented Realtors at EXIT Realty Nexus can help you secure a home in the Coon Rapids, MN, area. These professionals use an array of tools, including MLS listings, to find the perfect homes for their clients. Visit their website to learn more about their services or call (763) 548-1400 to schedule an appointment.