How to make an offer when buying a property
When time comes to make an offer, your Real Estate Agent provides current market information and will assist you in drafting your offer.
Your REALTOR will communicate the offer, sometimes known as an Offer to Purchase, to the seller, or the seller’s representative, on your behalf. Sometimes there may be more than one offer on a property coming in at the same time.
Firm to Offer Purchase
Usually preferable to the seller, because it means that you are prepared to purchase the home without any conditions. If the offer is accepted, the home is yours.
Conditional Offer to Purchase
Usually means that you have placed one or more conditions on the purchase, such as “subject to home inspection”, “subject to financing” or “subject to sale of buyer’s existing home”. The home is not sold until all the conditions have been met.
Acceptance of Offer
Your Offer to Purchase will be presented as soon as possible. The seller may accept the offer, reject it, or submit a counter-offer. The counter-offer may be in reference to the price, the closing date, or any number of variables. The offers can go back and forth until both parties have agreed or one of you ends the negotiations.