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.

97 Properties
Page 1 of 9
$3,250,000
Neighborhood: Heber City
1
Beds
1F23/411/2
Baths
6,167
Sq.Ft.
1988
Year Built
1
Day on Site
12301742
MLS
Welcome to the home that Foz built. The estate was the creation of Jim and Norma Fosgate's dream, quiet, close to nature, and the most peaceful respite they could have imagined, all while being close...
Open 6/3
3356 Buckboard Dr Park City,  UT 84098
$3,345,000
Neighborhood: Ecker Hill
5
Beds
4F13/421/2
Baths
5,938
Sq.Ft.
2014
Year Built
1
Day on Site
12301744
MLS
This beautiful Pinebrook property offers gorgeous mountain and valley views in a serene setting. Surrounded by mature trees, this home feels like a true mountain retreat. A large kitchen opens up to...
$3,675,000
Neighborhood: Pinebrook
6
Beds
4F11/2
Baths
5,139
Sq.Ft.
2005
Year Built
1
Day on Site
12301745
MLS
The Pinebrook Mountain Retreat is a remarkable alpine getaway surrounded by majestic views and towering pine trees. It was constructed by Schofield Construction, Inc. in 2005, known for their...
$2,450,000
Neighborhood: Chateaux At Silver Lake
2
Beds
2F13/4
Baths
1,379
Sq.Ft.
1999
Year Built
1
Day on Site
12301743
MLS
This 2 bedroom Chateaux at Silver Lake condo is located in Silver Lake Village of Deer Valley Resort, offering easy access to world-class skiing, hiking, and biking trails. As you enter the condo,...
$400,000
Neighborhood: Utah Area
3
Beds
2
Baths
1,371
Sq.Ft.
2009
Year Built
1
Day on Site
12301747
MLS
Come escape to this private home on 10 acres! Use this as your primary residence, or as a second home. There is year-round access just off HWY 40. This is a newer home that offers plenty of space and...
$599,000
Neighborhood: Utah Area
5
Beds
3
Baths
3,000
Sq.Ft.
2001
Year Built
1
Day on Site
12301748
MLS
Stunning Ranch Style Home and 720 sq ft workshop with unobstructed views of Cedar Breaks! This home sits on a large lot, 1.08 acre, corner lot in Bridle Path Subdivision. Unique floor plan, Feature 5...
$14,000,000
Neighborhood: Quarry Mountain Ranch
5
Beds
4F23/431/2
Baths
7,765
Sq.Ft.
2007
Year Built
1
Day on Site
12301749
MLS
This mostly single-level modern mountain home sits inside one of Park City's most exclusive gated communities, Quarry Mountain Ranch, and offers frontline ski resort views. Situated on 2.45 flat...
Open 6/3
306 Marion St Salt Lake City,  UT 84116
$549,000
Neighborhood: Wasatch Front Ar 58
3
Beds
2F13/4
Baths
2,115
Sq.Ft.
1953
Year Built
1
Day on Site
12301750
MLS
What an amazing home and location! This updated three bedroom, three bath home is situated on a large corner lot, providing ample space and privacy. The open floor plan creates a seamless flow...
$675,000
Neighborhood: Pine Creek
3
Beds
1F13/4
Baths
1,264
Sq.Ft.
1996
Year Built
1
Day on Site
12301752
MLS
This main level 3 bedroom, 2 bath condo is move in ready! Many updates throughout include new bathrooms, paint, appliances, and more. The home features updated stainless steel appliances, built-ins,...
$1,725,000
Neighborhood: High Star Ranch
4
Beds
2F23/411/2
Baths
2,603
Sq.Ft.
2021
Year Built
1
Day on Site
12301754
MLS
This exceptional Summit Model at High Star Ranch is designed for easy main level living. Upon entering, you will be welcomed by a spacious and open floor plan boasting 14-foot ceilings and walls of...
$15,900,000
Neighborhood: Deer Crest Area
5
Beds
6F21/2
Baths
11,959
Sq.Ft.
2011
Year Built
1
Day on Site
12301755
MLS
Welcome to luxury mountain living in Deer Crest Estates! Nestled within the prestigious ski community, you will find an amazing 5-bedroom ski-in/ski-out house. As you step into this remarkable home,...
$925,000
Neighborhood: North Summit
5
Beds
23/4
Baths
2,336
Sq.Ft.
1979
Year Built
1
Day on Site
12301756
MLS
Beautifully updated, meticulously cared for one-owner home on a rarely available 8-acre property. Find solitude in this quiet, rural location in Hoytsville with quick access to world famous ski...
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