After exploring all your options, you’ve found the perfect house. Now you’ll need to know how to make an offer on a house. Offers begin on contracts, usually standardized. Your agent will explain all relevant terms and contingencies to you before drafting up an offer for you to sign. Then, your real estate agent will present the offer to the sellers (or sellers’ real estate agent).
The sellers may accept, decline, or counter the offer. Once it is executed, it becomes your working contract. Your agent will then manage your transaction and guide you through every step, clearing contingencies and working towards closing.
The offer checklist can be found in our home buyer’s guide.
Once your offer has been accepted by the seller, your transaction is then placed into “escrow.”
“Escrow” is a term that describes the neutral third-party handling of funds, documents, and tasks specific to the closing (or settlement, as it is also known), as outlined on the real estate purchase agreement or sales contract. The purpose of escrow is to facilitate the transaction by managing the disbursement of funds and documents. Wires, checks, and transfers are risky these days, internet fraud is rampant. The FBI reported $221 million in losses due to wire fraud in 2019 alone. Be careful!
Making an offer on a home can be exciting. Don’t get ahead of yourself. Make sure you fully understand the terms of your offer and use extreme caution when wiring funds.
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