The Home Buying Process
Step 8: Presenting the Real Estate Purchase Contract
After you and your real estate agent have completed writing your offer using the REPC, your agent will present your offer to the seller’s agent. Once the seller has reviewed your offer, one of three things will happen. First, the offer will be accepted as your agent presented it to the seller(s). Second, the seller(s) will reject the offer. Or third, the seller will present a counteroffer to the terms that you submitted through your agent.
Counteroffers are common, and sometimes there are multiple counteroffers by both you and the seller(s) in order to come to an agreement. For example, the seller(s) may agree on the price of your offer, and may disagree on your timing to close and move in. Counteroffers require negotiation and skill, allowing your real estate agent to guide you and help you obtain the best possible deal is important. Until you and the seller(s) have come to agreement on all terms and a final offer is accepted, nothing is considered legal binding for you or the seller(s).
