After You Make an Offer for Real Estate
Filed under: Home Buying, Real Estate Investing
Your real estate agent conveys your offer to the seller. If you have a buyer’s agent, he or she represents you. Now is a good time to keep in mind that all other real estate agents represent the seller and it is the seller who pays them, not you. Naturally, if you have given such an agent the impression that you would be willing to pay more than you initially offered, don’t be surprised if the seller demands more money.
A seller may accept or reject your offer, or make you a counteroffer. If the seller accepts, you move toward the closing or settlement. If the seller rejects your offer, or it is topped by a competing offer from another buyer, ask the agent if the bidding is still open. If it is, you must make up your mind fast about how much more to offer and see your lender for a new mortgage that will enable you to make a higher bid. The real estate agent may have some helpful suggestions on how to go about this.
If the seller’s counter-offer involves things other than price, be sure you completely understand everything involved and how the property’s value may be affected.
