Published September 20, 2018
Making or accepting an offer is the moment a home search turns into a transaction. Here's what to expect on both sides of the table.
For buyers
When to submit. In a low-inventory market, move fast — good homes go under contract in days. If you're currently renting the property, ask whether you have a right of first refusal.
How to set your price. Your agent should run comps on nearby sales from roughly the last six months, then weigh your own priorities: location, the age of the home's systems, and any renovations you'll need to take on.
Contingent offers. You can make your purchase contingent on selling your current home, but a contingent offer is weaker in a competitive market. Listing your own home first puts you in a stronger position.
Standing out in a bidding situation. A personal letter to the seller, an odd non-round offer number, and flexibility on the closing date can all help your offer land above an identical one.
For sellers
Set a deadline. An offer deadline concentrates interest and can produce competing bids.
Know your walk-away number. Work backward from comps and your mortgage payoff so you know the lowest price that still works for you.
Evaluate offers holistically. Compare net proceeds after concessions and commissions, not just headline price, and weigh each buyer's financial strength. Be careful with buyer letters — Fair Housing rules limit which personal factors you can consider.
Counter and go under contract. Most deals involve at least one counteroffer. Once you accept, the paperwork begins, and due diligence timelines vary by state.
If the deal falls apart
There's usually about a 30-day window between accepted offer and closing. Deals most often collapse over buyer financing, a low appraisal, or defects found at inspection. A pre-listing inspection helps sellers head off surprises, and earnest money is generally returned to the buyer when they back out for a contracted reason.
Ready to make or field an offer in Western North Carolina? Our agents negotiate these every week — reach out.