Buying the perfect home is not as simple as it can look on TV. Buyers and sellers must first navigate the offer process, which can involve many steps and quick decisions. Here’s what first-time home buyers and sellers can expect, and how your REALTOR® can help guide you throughout.

What must happen before you can make an offer?

Many renters think they can move on a house right away. But first, there are some things to take care of. It’s very important to give your landlord notice three months before the end of the lease, because some leases are renewed automatically every year. 

Next, get pre-approved for your mortgage, unless you’re paying cash. Meet with a mortgage broker and provide all the required financial documents, so you can establish your budget and know what you can afford.

Once that’s done, meet with REALTORS® to find a perfect match, explain what you’re looking for, and start an active search. REALTORS® can have inside information about properties and areas, they can also send you documents and additional information about the property in a timely manner. 

How is an offer drawn up?

When buyers are ready to make an offer on their chosen property, they must inform their REALTOR®, who will then gather required information & prepare the offer documents. Your offer would include the price, the date of closing, and whether it’s conditional upon inspection (or other terms) and a review of documents if necessary.

How long does the offer process take?

Depending on whether yours is the only offer or if there are many other buyers interested, the entire offer process can be completed in as little as a day or take up to a week. Right now, many properties are coming on the market with an established schedule for visits, offers, and deadlines. Your REALTOR® will inform you of any important dates on the property you are interested in.

What happens when there are multiple offers?

If you’re competing with other buyers, your REALTOR® might suggest being flexible with some conditions, and going in with your best offer. It’s usually a one-shot thing: there are no negotiations when there are multiple offers.

Are offers done in person or digitally?

First-time sellers might remember when they bought their home years ago and how everyone met in person to sign all legal documents; however, technology has changed that. Everything is done electronically now and it’s very efficient. All offers are emailed, and it’s very rare offers are presented in person to the listing agent. If the seller wants to counter-offer, negotiations will also be done digitally until both parties agree to terms, or someone decides to walk away. 

Remember, REALTORS® are trained to navigate the offer process from start to finish, helping both buyers and sellers meet their goals. Meet your home buying or selling MVP today if you’re ready for a move.