5 Simple Steps to Making an Offer

5 Simple Steps to Making an Offer

Whether you are just getting started in real estate or ready to make an offer, the initial "pull the trigger" of making an offer can be a bit overwhelming, anxiety-inducing, and scary. But it doesn't have to be. Knowledge is power and understanding the situation can be much clearer with a little bit of understanding. If you're not sure how the real estate offer process works, here's a simple five-step plan to making a real estate offer.

This simple five-step process is going to assume that you've already been preapproved, you have a real estate agent, you've prepared your earnest money deposit, which is typically between 1% and 3% of the purchase price and you save for a down payment or at least have your financing set up. Once all of that is taken care of, here are five simple steps to making an offer.

#1. Time your offer.

Your real estate agent will definitely help with that and as Park City Realtors®, we know the Park City area and know exactly when to make an offer even down to the time of day. The housing market can be extremely competitive so getting into a real estate contract quickly is the key. There may be listings that review offers on a certain date or maybe a listing has been on the market for some time etc.… All of these situations require timing the offer to get the best response.

#2. Minimize contingencies.

If you can, a cash offer is always more acceptable than a financed offer but that's not usually the case for everyone. However, you can minimize contingencies such as a home inspection, the sale of your existing home, or feasibility contingencies. Talk through all of these contingencies with your agent to determine the best way to approach contingencies in your offer, how to avoid them, and how to appeal to the seller.

#3. Be patient with the seller.

This is also a tricky situation in that you don't want to pressure the seller so that they simply reject the offer altogether but you also don't want to be so passive that they don't think you're serious. Waiting for a response from the seller can be stressful so try not to get too anxious over the process but be patient with the seller by letting them review the offer at their leisure.

#4. If declined, consider a counteroffer.

Good communication is key in a real estate transaction this is why I don't believe that the real estate profession will go completely automated. Real estate is still about relationships and it's that communication between the buyer's agent and the listing agent, buyer and seller, that can really get the deal done. Why is the seller selling? Is there motivation behind why they are selling and can you appeal to that motivation? What is the seller really looking for and while this might be important information initially, if there is a sense of urgency to make an offer, you may not have that communication before your initial offer. Now is the time to counter with something more appealing to the seller.

Related Post: 5 Potentially risky home buyer offers in multiple offer situations

#5. If accepted, go ahead with the homebuying process.

If the seller accepts your offer as is, great! It's time to move on. The next step will be a home inspection, the deposit of the earnest money, and moving on with the process, however, it's important to avoid the deal-breakers. Common deal breakers can include too many contingencies, asking the seller for some of their personal property, demanding a fast closing or specific closing date, or other changes after the initial offer has been accepted. It's important to work with the seller throughout the entire process so that nobody gets hung up and the transaction does not fall apart.

If you're ready to look for a home in Park City or surrounding areas, feel free to browse all of our featured communities below or take a look at the newest listings below that. We'd love to help you find, make an offer on, and finalize your home in Park City.

43 Properties
Page 1 of 4
Open 2/1
1406 W Meadow Loop Rd Park City,  UT 84098
$2,200,000
Neighborhood: Meadow Springs
3
Beds
2F23/4
Baths
2,460
Sq.Ft.
1988
Year Built
2
Days on Site
12300273
MLS
Beautiful home in Silver Springs offering 3 bedrooms and 4 baths plus large lower level den with adjoining office space. Extensive main floor remodel includes opening up the living space bringing in...
Open 2/1
1618 Redstone Ave Park City,  UT 84098
$850,000
Neighborhood: Fox Point At Redstone
3
Beds
2
Baths
1,261
Sq.Ft.
2003
Year Built
2
Days on Site
12300277
MLS
Great opportunity to own a coveted south facing top floor Fox Point condo. Perfect for an owner-occupant or investment! Nightly and Long-Term Rental approved (has never been in rental pool). Enjoy...
$599,950
Neighborhood: Brookside (Heber)
3
Beds
3F11/2
Baths
1,954
Sq.Ft.
2023
Year Built
2
Days on Site
12300278
MLS
Duplex building. Finished basement included! We have new lots available where construction will start in March 2023! These townhomes will have a small private landscaped yard to enjoy. (Fencing is...
$750,000
Neighborhood: Wheeler Park
5
Beds
3
Baths
2,974
Sq.Ft.
2014
Year Built
2
Days on Site
12300279
MLS
Beautiful 5 bedroom family home in the highly desired Wheeler Park community Only minutes away from Park City, Deer Creek and Jordanelle. This property is so close to everything outdoors: Skiing,...
Open 2/1
7065 Powderhorn Ct Park City,  UT 84098
$5,150,000
Neighborhood: Lookout Ridge
4
Beds
1F33/411/2
Baths
5,288
Sq.Ft.
2021
Year Built
2
Days on Site
12300280
MLS
Introducing 7065 Powderhorn! This is a 2021 New Construction home by Aecum Development in the sought after Neighborhood of Lookout Ridge in Promontory Club. The location provides stunning Wasatch...
Open 2/1
2417 W High Mountain Rd Park City,  UT 84098
$6,975,000
Neighborhood: Pendry Residences Park City
4
Beds
2F43/4
Baths
3,691
Sq.Ft.
2022
Year Built
2
Days on Site
12300283
MLS
This Signature Penthouse Residence is Pendry's most spacious and opulent residential accommodation, more than 1,000 sq.ft. larger than any other residence in the building! This slopeside getaway...
$1,550,000
Neighborhood: Shoreline
3
Beds
3F11/2
Baths
3,030
Sq.Ft.
2023
Year Built
4
Days on Site
12300269
MLS
All Pre sheetrock options included.Buyer can still select all the Finish options.Call and set up a time to come in or just stop by we would love to show you how great Shoreline is.All photos are of...
$969,000
Neighborhood: Heber City
5
Beds
3F11/2
Baths
3,656
Sq.Ft.
1998
Year Built
4
Days on Site
12300270
MLS
Beautifully landscaped open floor plan rambler with unobstructed views of the Heber Valley and surrounding mountains, including Mount Timpanogos! The property behind is designated open space and the...
$1,325,000
Neighborhood: Blackstone Flats
2
Beds
1F13/4
Baths
1,160
Sq.Ft.
2019
Year Built
5
Days on Site
12300248
MLS
This modern ground-level unit is perfect for a year-round residence or seasonal ski getaway. It offers an expansive living space with tall ceilings and large windows which allow for tons of natural...
$1,525,000
Neighborhood: Blackstone Flats
2
Beds
1F13/411/2
Baths
1,160
Sq.Ft.
2019
Year Built
5
Days on Site
12300249
MLS
This contemporary ski condo is located on the top-floor of Blackstone Flats. It is offered turnkey and features an open floor plan with spacious living area, high ceilings, expansive windows allowing...
$4,500,000
Neighborhood: Resort Center
4
Beds
4
Baths
2,713
Sq.Ft.
1985
Year Built
5
Days on Site
12300231
MLS
This is a unique opportunity to own the incredibly rare 4 bedroom ski in/out presidential suite at Park City Resort. The unit features amazing ski run views, two primary suites, 4 full bathrooms, 4...
$50,000,000
Neighborhood: Colony At White Pine Canyon
6
Beds
2F63/431/2
Baths
17,567
Sq.Ft.
2022
Year Built
5
Days on Site
12300255
MLS
Presenting ''Monitor's Rest'', winner of the distinguished Robb Report Best of the Best award for 'Best Amenities'. Nestled mountainside at the base of Monitor Bowl on Park City Mountain Resort, this...
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