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.

82 Properties
Page 1 of 7
$2,300,000
Neighborhood: Foothill Estates
5
Beds
3F11/2
Baths
4,548
Sq.Ft.
2005
Year Built
2
Days on Site
12201942
MLS
This gorgeous home is a jewel of the Kamas Valley. The five large bedrooms give everyone the perfect place to retreat with privacy, and the large kitchen, great room, dining, oversized patio and deck...
$2,970,000
Neighborhood: Dutch Fields
5
Beds
4F11/2
Baths
5,995
Sq.Ft.
2010
Year Built
2
Days on Site
12201943
MLS
It is not often a home comes to market that has forever been the envy of a neighborhood. This is your opportunity to own an amazing home, in an amazing community, with an amazing view. Located in...
$1,025,000
Neighborhood: Cottages At Canyon View
3
Beds
2F11/2
Baths
2,500
Sq.Ft.
2019
Year Built
2
Days on Site
12201948
MLS
Incredible mountain views in three directions from your expansive back patio. Access world class skiing at Deer Valley just minutes away. Park City Mountain and Sundance Resort are only a 25-minute...
$3,400,000
Neighborhood: Skyridge
4
Beds
4F23/4
Baths
4,768
Sq.Ft.
2022
Year Built
2
Days on Site
12201949
MLS
Lot #64 - Stunning Lake and Mountain Views from a coveted downhill homesite in the Ursa Subdivision of SkyRidge Mountain Community. Mountain contemporary design located on the northwest shore of the...
$6,100,000
Neighborhood: Knoll Estates/Deer Valley Club Estates
6
Beds
3F23/411/2
Baths
5,820
Sq.Ft.
1996
Year Built
2
Days on Site
12201950
MLS
Remarkable Opportunity in the private gated Knoll Estates Silver Lake Village. This Deer Valley Property provides a short walk to Utah's most amazing skiing, hiking, biking, and several 5 star...
$3,900,000
Neighborhood: Wild Mare
6
Beds
6F21/2
Baths
7,457
Sq.Ft.
2018
Year Built
2
Days on Site
12201951
MLS
Beautiful Modern Farm House situated on 5+ acres of horse pasture and hay fields with Irrigation water shares! This is a home that truly offers it all! This home also includes an enormous 40' X 60'...
$7,599,000
Neighborhood: Utah Area
7
Beds
7F31/2
Baths
12,931
Sq.Ft.
2003
Year Built
2
Days on Site
12201953
MLS
Imagine coming home down a private lane that leads to your own secluded, gated estate with a heated paver driveway surrounded by massive mature pine trees and a fully fenced yard for kids and/or...
$2,590,000
Neighborhood: Red Ledges
4
Beds
4F11/2
Baths
3,571
Sq.Ft.
2014
Year Built
2
Days on Site
12201954
MLS
Traditional custom home in Red Ledges overlooking the 5th fairway at the Jack Nicklaus Signature Golf Course. Come and see this beautiful four bedroom 4.5 bath custom home designed by Kevin Price....
Open 5/25
14054 N Council Fire Trl Kamas, UT 84036
$750,000
Neighborhood: Black Rock Ridge
2
Beds
2
Baths
1,283
Sq.Ft.
2007
Year Built
2
Days on Site
12201955
MLS
Location, convenience, trails and a car and toy lovers delight. Have you ever dreamed of a condo with a huge garage? You know you have. This stellar pad has what you want to make your Park City area...
$800,000
Neighborhood: Swiss Alpenhof
6
Beds
5
Baths
5,521
Sq.Ft.
2019
Year Built
2
Days on Site
12201956
MLS
Wonderful opportunity to customize this stunning Midway 2 Story home. Situated on lot 19 in Alpenhof Estate, a very sought after neighborhood in beautiful Midway. This home is being offered as is...
$1,070,000
Neighborhood: Greyhawk
2
Beds
2F11/2
Baths
1,285
Sq.Ft.
1997
Year Built
2
Days on Site
12201959
MLS
Looking for a great central location with easy access to Deer Valley, Park City and all the fun in Old Town? Check out this well maintained, updated. 2 bedroom, 2 1/2 bath condo at Greyhawk. The free...
$1,350,000
Neighborhood: Swiss Mountain Estates
5
Beds
4
Baths
5,533
Sq.Ft.
2022
Year Built
2
Days on Site
12201960
MLS
Scotch Fields is a development of 89 home sites in the Northwest corner of Midway near the entrance to Wasatch State Park and Golf Course. There are walking and biking trails throughout the community....
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