Once you have chosen the home of your dreams, it’s time to make an offer.  Your agent will present your offer on your behalf and negotiate the offer to your best interest, to either the listing agent or the seller or both, depending on the circumstances.  You will not have to concern yourself with being present at the offer.  This is a time of delicacy and diplomacy.  This is where you will want the experience and expertise of your agent to take over.  Before this meeting, however, several things should occur.

First, your agent should advise you if the price is good or if this property is priced high.  One way to determine this is to search the comparable properties around your selection to determine their selling price.  Another way is that your agent is intimately aware of the neighborhood and its values.  Either way, your peace of mind can be assured by the eventual appraisal, validating the price.

Second, if you have not already done so, you will need to provide your agent with a letter of pre-approval from your lender.  Pre-qualification may also be acceptable, but it is not as strong as pre-approval.  This will be necessary for the seller to even consider your offer or accept your offer over another.

You will also need to write a personal check for earnest money.  Your agent will take it to the offer to demonstrate that you are a sincere and solid borrower.  She will keep possession of the check, however, and only deposit it after your offer has been accepted.  Washington State law requires this check to be deposited the first business day after mutual acceptance, unless both parties agree otherwise in the contract.

And of course you will need to prepare the actual purchase and sale agreement with your agent to determine all the terms and conditions of the sale.  This agreement is then given to the seller and their agent for consideration.

All transactions vary in terms of when you can expect a reply, but your agent should push to present the offer as quickly as possible, even in the middle of the night, before another buyer can enter into the situation as competition.  Your agent should also push for a response just as quickly, to avoid another buyer entering into the picture before the seller has had a chance to respond to your offer.

The important thing to know and understand is that an offer is not binding or ‘done’ until all parties have agreed to all terms and both buyer and seller have ‘signed around’.  This can take several counteroffers, spanning many hours, days, and even weeks.  Until that moment, other buyers or offers can enter into the picture, jeopardizing your position.  For that reason, speed and timing is of essence.

Home Buying Process