Once you make an offer on a house, the seller has the option to accept, reject, or counter the offer. Here’s what might happen next:
- The seller accepts the offer: If the seller accepts your offer, you and the seller will sign a purchase agreement, which is a legally binding contract outlining the terms and conditions of the sale. You may be required to make a deposit at this point, which will be held in escrow until the sale is finalized.
- The seller rejects the offer: If the seller rejects your offer, you will need to decide whether you want to make a new offer or move on to a different property. Your agent can provide guidance on how to proceed.
- The seller counteroffers: If the seller makes a counteroffer, they may propose changes to the terms or conditions of the sale, such as the price, closing date, or contingencies. You can either accept the counteroffer, make a new offer, or walk away from the deal.
Once you and the seller have reached an agreement and signed the purchase agreement, the next steps in the process will depend on the terms of the sale and any contingencies that are in place. For example, you may need to complete a home inspection or get financing before the sale can be finalized. Your agent can help you understand what to expect and guide you through the process.