You Found the Perfect House. What Happens When You're Ready to Make an Offer?

You found the perfect house.

Or at least the one that feels pretty darn close.

You've gone back through the pictures, you're already mentally arranging furniture, and now you're ready to make an offer.

So what happens next?

Making an offer on a house in Texas isn't simply picking a number and sending it to the seller. The price matters, of course, but so do the terms, the property, what's happening in that particular market, your financing and what you're comfortable doing.

And no, you don't need to know how to write a real estate contract.

You need to understand the offer you're making.

That's where I come in.

First, We Look at the House and the Market

Before we decide what to offer, I want to know more than the asking price.

We'll look at recent comparable sales, the condition of the home, how long it's been on the market, whether the price has changed, what's happening with similar homes nearby and anything else that could affect our strategy.

A seller can list a house for whatever price they want. Ultimately, the market is going to tell us what that house is worth.

Location matters too. A house in Plano may be experiencing a very different market from a house in another part of Dallas-Fort Worth. Sometimes the differences are even more local than that.

Market conditions change too. An offer strategy that made sense six months ago may not make sense today. A house that's been sitting on the market for 60 days may call for a very different conversation than one that hit the market yesterday and already has multiple interested buyers.

There isn't a magic formula that says, always offer X percent below asking.

Real estate doesn't work that way.

Before We Write Anything, I Do Some Homework

There's another part of offer strategy buyers don't always see.

I'll reach out to the listing agent.

I want to find out what I can about the seller's needs and what may be important to them. Are they hoping to close quickly? Would a particular closing date help? Do they need a leaseback? Is there already other interest in the property?

We may not get every answer we'd like, and the seller doesn't have to share everything. But when information is available, it can help us put together an offer that works for you while also considering what may matter to the seller.

The highest-priced offer does not always win.

Price matters. But so can financing, timing, certainty and the other terms of the offer.

That's where strategy comes in.

Then We Talk About What the House Is Worth to You

Comparable sales and market conditions give us information.

But there's another number that matters: what you're comfortable paying.

I'll show you what I'm seeing in the market and we'll talk through the options. If I think something doesn't make sense, I'll tell you why.

But you're the buyer.

You decide what you're willing to offer and where your walk-away point is.

My job isn't to talk you into a house. It's to give you the information you need to make a decision you feel good about.

An Offer Is More Than the Price

The purchase price is only one part of an offer.

Depending on the property and your situation, we're also talking about things such as:

• Earnest money
• Option period and option fee
• Financing
• Closing date
• Seller concessions, if needed
• Appraisal considerations
• Items that may stay with the property
• Other terms specific to that transaction

Those pieces can affect how a seller looks at an offer.

And just like the price, there isn't one combination that's right for every house.

We'll talk about the choices, what they mean and how they could affect you before you sign anything.

I Prepare the Offer. We Go Through It Together.

Here's the part you don't need to learn how to do yourself.

I prepare the offer.

Then we go through it together.

I'll explain the important terms, dates and deadlines and answer your questions so you know exactly what you're signing.

I don't want you getting three days into a contract and saying, Wait. What happens now?

You should know what's happening and what comes next.

Once you're comfortable with the offer, you sign it and I submit it to the listing agent.

And There's More Happening Behind the Scenes

Submitting the offer isn't the end of my job.

I'm communicating with the listing agent. I'm talking with your lender when financing information or coordination is needed. I'm making sure the people involved have what they need and that we're paying attention to the details that could affect your offer.

If the listing agent has a question, I'm there.

If your lender needs to coordinate something related to the offer, I'm there.

If something changes, you know about it.

There are quite a few moving parts in a real estate transaction. You shouldn't have to chase everybody around trying to figure out what's happening.

The Seller Can Accept, Reject or Counter

Once the seller receives the offer, there are several possibilities.

They can accept it, reject it or counter.

If they counter, we don't just look at the new price.

We'll look at everything that changed and talk about what those changes mean for you. Then you decide whether you want to accept, reject or respond with another counteroffer.

Negotiating a house can get emotional pretty quickly, especially when it's one you really want. That's another reason we establish your priorities and limits before we get too far down the road.

Sometimes the right answer is yes.

Sometimes it's another counter.

And sometimes that's where you may decide to walk away.

What Happens If the Seller Accepts Our Offer?

We got ourselves a contract. Yippee!

And now another set of timelines starts.

Earnest money and the option fee need to be handled according to the contract. The inspection gets scheduled. Your lender moves forward with financing. The title company begins its work, and I'll be communicating with them throughout the transaction as well.

We'll also determine whether there's an existing survey that can be used or whether a new survey needs to be ordered. Depending on the contract and circumstances, the title company may coordinate ordering a new one.

There may also be an appraisal, and there are dates and deadlines we'll be watching all the way through closing.

You won't be handed a contract and wished good luck.

I'll walk you through what's happening, what's coming next and what I need from you throughout the process.

That's part of the job.

Want to know more about what happens from here? Read What Happens After My Offer Is Accepted?
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Frequently Asked Questions About Making an Offer on a House

How do I know how much to offer on a house?

There isn't a standard percentage you should offer above or below the asking price.

The strategy depends on the property, comparable sales, condition, location, days on market, current competition, what's happening in that particular market and your own budget.

Remember, the listing price isn't necessarily the home's value. A seller chooses a list price. The market tells us what buyers are actually willing to pay.

That's why I look at the specific house and what's happening around it before we talk about an offer price.

Do I need to be pre-approved before making an offer?

Yes. If you're financing your purchase, your financing needs to be lined up before we present an offer.

You should have a current pre-approval in place so we know your financing works with the home and the offer we're considering. It also shows the seller that you've already taken the necessary steps with a lender and are prepared to move forward.

If you don't already have a lender, I can connect you with lenders who can help you get started.

Is the highest offer always the best offer?

No.

Sellers can look at more than the purchase price. Financing, closing date, option period, seller needs and other terms can all factor into their decision.

That's also why I'll communicate with the listing agent before we write the offer when possible. Understanding what's important to the seller can sometimes help us structure an offer that works well for both sides.

The strongest offer isn't automatically the one with the biggest number.

What happens if the seller counters my offer?

We'll review exactly what the seller changed and what those changes mean for you.

Then you can accept the counter, reject it or decide whether you want to counter again.

You won't be figuring that out by yourself.

Do I need to know how to write an offer before I buy a house?

Nope.

That's what I'm here for.

You need to understand the decisions you're making and the documents you're signing. I'll handle preparing the offer and walk you through it before anything gets submitted.

Ready to Make an Offer? Start With a Conversation.

Buying a house isn't a DIY project.

You don't need to memorize a Texas real estate contract or figure out the perfect combination of price, earnest money, option period and closing date on your own.

You need good information about the house, that particular market, the seller's situation when we can learn it, and your options.

Then you make the decisions, and I help you put those decisions into action.

If you've found a home in Dallas-Fort Worth you're thinking about buying, contact Tommye McCeig and let's look at the house, the numbers and the market before we decide what your offer should look like.