Once you have identified a home that you would like to buy, it’s time to make an offer. Your real estate agent will help you at each step during what will happen next. The process will begin with you identifying what your offer will be, both with respect to amount and terms. Your agent will advise you, based on comparisons to other properties that have sold, what a reasonable offer would look like. Once you have decided, your agent will write up your offer using standard real estate forms and present it formally to the sellers by communicating directly with their real estate agent.
The sellers can accept your offer, reject it or present you with a counter offer which initiates the negotiation process. You then have the opportunity to accept, reject or counter, and this may go back and forth through several iterations that vary either the sales amount or the terms or both. Eventually either a pending agreement is reached or the negotiations are terminated by one or the other party. When you have a pending agreement, it will be time to select a lawyer (if you haven’t identified one already) and to lock in your funding (if you are intending to cover your purchase with a home mortgage loan).