Once you have found the ideal home your realtor® will help you draft an offer, based on current market information. Then, that document, called an Offer to Purchase, will be presented to the seller, or the realtor® representative of the seller. There may be multiple offers on a property. If that happens, your realtor® can help you through the procedure.
Firm to Offer Purchase
This type of offer usually favours the seller. This means that the buyer is willing to purchase the home without putting any restrictions on the sale. Another words, the buyer likes the home as is and is not requesting any changes.
Conditional Offer to Purchase
This is an offer where the buyer is willing to buy the home if certain conditions are met. These could range from having the sale accepted once the home passes an inspection, to the sale of the home being contingent on financing or the sale of the buyer’s current home. The home is not considered sold until all of the requested conditions are honoured.
Acceptance of Offer
Once a seller is presented with an Offer to Purchase, that seller has the option to accept, reject, or submit his own counter offer. The counter offer may contain a number of items including a different price or closing date. Sometimes buyer and seller negotiate back and forth several times until both have agreed to the terms.