What should I do if I get an offer on my house?

In real estate, everything is negotiable. Buyers expect you to respond with a counteroffer before signing your keys away. Discuss the areas of the offer you’d like to improve (price, contingencies, closing costs, terms, moving date, etc.) with your real estate agent.

What happens if someone else makes an offer on a property?

If someone else is interested and views it, you risk someone else coming in with a higher offer, which is known as gazumping. You should receive a letter from the estate agent confirming your offer. If you don’t receive this then make sure to ask for one.

What to write in an offer letter for a house?

Writing a thoughtful real estate offer letter that explains your situation and what you love about the house can make your offer stand out. Be complimentary of the property and community, and keep the letter short while still letting the seller know you’re a serious buyer.

Do you put offer review date on home?

“Up here, we have an option for our sellers: they can either accept offers as they come in, or we could put an offer review date on the property.” Depending on your state laws, you can include an “ offer review date ” in your listing to allow time for offers to flow in before responding.

When is the right time to make a purchase offer on a house?

You’ve spent the last few months house hunting, preparing your house for sale or doing both. All that stands between you and a pending deal is the right offer. On both sides of a real estate transaction, the purchase offer is the first formal communication that leads to the final deal.

Do you have to sign a contract when making an offer on a house?

Whether you’re buying or selling, make sure a real estate agent and/or an attorney evaluate all terms in the offer and counteroffers. As soon as both parties accept the written offer, you have a legal contract. Natalie Way is a senior editor at realtor.com.