If you’re actively searching for a great new home, you’re probably submitting an offer soon. Here are four things to consider:
- Communicate with your agent about any other offers on the home. This information can help you and your agent craft the best possible plan for submitting an offer and securing the home of your dreams. This may mean adding a price escalation clause, writing a letter to the seller, or increasing your offer price.
- Consider your timeline. Due to TRID (which is due to take effect in early October), some mortgage companies are moving a bit more slowly than usual. Generally speaking, we recommend scheduling a settlement date no sooner than 45 days after going under contract. Ask your agent about the sellers’ timeline to ensure that the proposed settlement date works for them, too — after all, they’ll be more likely to accept your offer if it is convenient with their planned moving schedule!
- Carefully consider how long to allow the sellers to respond. The offer stipulates how long the sellers have to respond, and most offers allow between 12-48 hours for the sellers to accept or refuse. Depending on the sellers’ personal situation (your agent can help you with this), and any other offers that may be on the table, you may want to move up the timeline to ensure that you have a firm answer sooner vs. later.
- Prepare for a counteroffer! The majority of offers result in a counteroffer by the seller, and while the most common counteroffers are for higher sales prices, it’s not uncommon to find counter offers requesting different settlement dates, inspection terms, or deposit money amounts.
