Making an offer on a home

So you found a home and want to make an offer on it. What are the next steps?

1. Have your broker do a CMA - a Comparable Market Analysis.
   The CMA will let you know if the property is priced at, above, or below market value.
2. Have your broker call the seller’s broker and find out if there have been or
   are currently any offers on the property. Sometimes the seller’s broker will share
   important information like the highest bid and why previous bids (if any) were rejected.
3. Decide how much you’re willing to pay. Also decide whether you’re willing to negotiate
   on other items like repairs or a longer closing date. Write down your reasons why.
   This is important information you should share with your broker as part of your bidding strategy.
4. Have the property reviewed by your lender for a pre-approval letter.
   Let them know you want approval for the amount you plan to bid, not more.
5. Have your broker prepare an offer. They may ask for the lender’s pre-approval letter to submit as part of the offer.
6. Review the offer before signing. While your broker should be a professional at filling
   out offer forms, you are ultimately responsible for what is included in the contract.
7. Sign the offer and submit it to your broker.
8. Your broker will send the offer to the selling broker.
9. The selling broker will present your offer to the seller. The seller will decide to accept the offer as-is, request changes, or turn the offer down.
10. The selling broker will present the seller’s response to your broker. The selling broker will often share vital items like price too low, need longer close date, etc.
11. If your bid was accepted - congratulations! You’re in mutual (acceptance).
12. If your bid was not accepted:
    1. Talk with your broker and decide if it’s worth continuing to bid.
    2. If it’s not worth continuing to bid - look for the next property to bid on.
    3. If it is worth bidding - alter your bid and resubmit. This puts you back at step 3.