Writing an Offer on The One

You’ve found the perfect home—now it’s time to start writing an offer on The One! Writing an offer is an important step in buying a house, and your real estate agent will help you through the process. But what goes into an offer? Let’s break it down!

1. Decide on the Price

First, you and your agent will decide how much to offer. You don’t always have to offer the full price—sometimes, you can negotiate, but listen to your agent’s advice before you decide on your offer price. Your agent will look at all the factors to help you craft a winning offer: the home’s condition, other contracts in the area, if anyone else has written on that home, and factoring in what you want your terms to be. 

2. Choose the Right Terms

Besides the price, there are other important parts of your offer, including:
🏡 Earnest Money – A small deposit to show the seller you’re serious about buying.
📅 Closing Date – The day you plan to finalize the purchase and get the keys.
🔍 Home Inspection – A check-up on the home to make sure everything is in good condition.
💰 Financing – How you will pay for the home (like using a mortgage loan, cash, or the proceeds from another sale).

3. Add Contingencies

Contingencies are conditions that must be met before the sale is final. These help protect you in case something unexpected happens. Here are the most common ones:

🔍 Home Inspection Contingency

A home inspection allows you to have a professional check the house for any problems such as leaks, electrical issues, or foundation cracks. If the inspector finds something major, you may be able to:

• Ask the seller to fix the issue.
• Ask for a lower price to cover repairs.
• Walk away from the deal if the problems are too big.

🏦 Financing Contingency

If you’re using a mortgage loan, this contingency protects you in case your financing falls through. Even if you’re pre-approved, sometimes loans don’t get final approval due to job changes or credit issues. This contingency gives you a way to back out without losing your deposit.

📉 Appraisal Contingency

Lenders require an appraisal to make sure the home is worth what you’re paying. If the appraisal comes in too low, you might:

• Ask the seller to lower the price.
• Pay the difference out of pocket.
• Walk away from the deal if no agreement is reached.

🏡 Sale of Current Home Contingency

If you need to sell your current home before buying a new one, this contingency lets you cancel the deal if your home doesn’t sell in time. However, some sellers may not like this condition, especially in a competitive market.

Contingencies help protect you, but too many can make your offer less attractive to sellers. Your agent will help you find the right balance!

4. Submit Your Offer

Once your offer is ready, your agent will send it to the seller’s agent. Then, you wait for a response. The seller can:
✅ Accept your offer – Yay! You’re on your way to buying the home.
✏️ Counteroffer – They may ask for a higher price or different terms.
❌ Reject your offer – If this happens, you can try again or look for another home.

5. Negotiate if Needed

If the seller makes a counteroffer, don’t worry! Your agent will help you decide whether to accept, make another offer, or walk away. Negotiations can go back and forth a couple times before middle ground is reached, so don’t sweat a counteroffer. 

Writing an offer is an exciting step in buying a home. With the right price, terms, and contingencies, you’ll have a strong chance of getting the home you love. Ready to make an offer? 🏡✨

Now that you know all about the fourth step in the home buying process, let’s move on to #5! To see the whole 10 step process check out our blog article: The 10 Steps to Buying a Home.

If you enjoyed Writing an Offer on The One, make sure to check out ERA Liberty’s other blog articles. We blog about all things real estate, local eats, and happenings in and around our community.

For all your home buying or selling needs, ERA Liberty Realty is always there for you! We are here to help you no matter where you are, we have agents licensed in West Virginia, Virginia, Maryland, or Washington DC! Reach out today to get your real estate journey started!