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February
27
27
Next Steps: What Happens After You've Made an Offer
Our real estate agents know it can feel like a long journey from when you start looking for St. Louis homes for sale to the day you make your offer. But the story isn't over, even if you're the only bidder. There are still some things you'll need to do. Your real estate agent is with you every step of the way.
Here's what you can expect after making an offer:
- The Seller Has Time to Review Your Offer
The timing of the seller's review can vary based on how many people are making an offer. If you're the only buyer ready to make an offer at that time, the review period may begin immediately. You will receive a projected date by which the buyer intends to respond. On the other hand, if there are many buyers, it's up to the seller and their agent to establish a deadline for everyone to submit their offer. - You Receive a Counteroffer or a Rejection
The seller has the right to maintain open communications with everyone who makes an offer, but they also have a responsibility to whittle down the field and move toward a desirable offer with each round of negotiations. In the first round, very few sellers will outright reject an offer unless they have chosen to go forward with another buyer. Instead, you'll receive a counteroffer. - You Review and Respond to Counteroffers
The counteroffer can be very specific, responding "point by point" to everything in your original offer. Or it can be very vague, only giving you the information that someone has made an offer for a specific dollar amount, and you can put in a new bid. Either way, your real estate agent brings negotiation skills to the table. They help you stay focused on your interests in the process. - You Confer with Your Agent
Just because you're in the bidding process with one property, it doesn't mean you have to stop looking at other properties. If the bidding gets fierce, your agent's role is to help you decide whether it's worth your time to continue—or if you should focus on other properties. With each round of negotiations, you will generally have about a week to respond. There's sufficient time to think but not to delay. - Negotiations Continue Until Someone Wins
Negotiations can include many different aspects. As the buyer, you might desire certain repairs that the seller has to make before closing, for example. All of these matters need to be spelled out in your final offer. Likewise, the seller can push back on any of these details. As a result, you may use advice from a real estate attorney as well as input from your real estate agent. - The Accepted Buyer Performs a Final Walkthrough
Once prospective buyers accept the offer, they proceed with the expected purchase under the terms they set out. The seller has time to make repairs and take care of other issues they agreed on. In a final walkthrough, it's up to the buyer to verify that the work was done. The walkthrough might happen a few days before closing, or it might happen just minutes beforehand. - You Close on the House and Get the Keys
During closing, each party to the sale signs all of the necessary paperwork. It takes time, but you usually walk out with the keys right away as funds are transferred to the seller. Within a few days, you can move in. Congratulations!
Contact us to learn more or begin.
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