If you are in the market to purchase a home, this is a very exciting time but it is important that you are prepared for the complicated home-buying process. When you find the perfect home and decide that you would like to put an offer in on it, you will have to put a lot of thought into what type of offer you believe would be best in your efforts to secure the house. This is especially important when the house has generated a lot of interest because a lot of interest often means multiple people putting in offers. Of course, it is best to consult with your real estate agent who can help you come up with the most educated offer given all of the relevant factors.
When a prospective buyer puts an offer in on a house, there are a few things that can happen. The best case scenario is for the seller to immediately accept the offer. This is usually the case when the seller is very eager to sell or the buyer puts in a full price offer. Don’t be too surprised if the seller does not accept your initial offer. This doesn’t mean the deal is over, it just means you may have to negotiate to come to an agreement.
If your original offer is not accepted, the seller has the opportunity to make a counteroffer. This starts the negotiation process that requires both parties to go back and forth until they decide on a deal that works for everyone. Typically, the real estate agents for both parties handle the negotiations. Sometimes, if work needs to be done on the house, the buyer may request that the seller takes off a chunk of the price in order to account for the repairs. There are many negotiation possibilities so it is important to discuss with an experienced real estate professional.
Once you have found a home and have had your offer accepted, it is important to retain the services of an experienced real estate attorney who can analyze the contract and ensure that the agreement is suitable for your interests. If you need an experienced real estate attorney, contact our firm today.
Friedman Schuman is an experienced and dedicated legal resource for clients throughout Pennsylvania. We proudly serve clients facing a wide range of legal matters. If you require the services of an effective attorney, please contact Friedman Schuman today to schedule a consultation.