Submitting an Offer on a Home

Once you have the right property, the next step is to make a purchase offer to the seller.  You will first want to determine the price you want to offer and you will discuss this with your Dallas real estate agent.

The price the seller is asking may or may not reflect realistic market value. The best way to determine market value is with a Comparative Market Analysis (CMA) showing similar properties that sold recently, those that are currently active on the market and those that failed to sell.  Your agent will discuss with you an estimate of costs associated with purchasing the property.

Next you will decide on Financing.  You will review with your agent the status of your loan pre-approval and work together with your loan officer to explain financing options and help you determine the mortgage plan that best fits your requirement.

You will then decide on other issues that are important to you such as items of personal property you want included with the house and also warranty, inspections, repairs or other home enhancements by the seller.  These will include:

• A written property disclosure statement from the seller will reveal any problems with the house and the surrounding area that you need to know about.
• Professional inspection can reveal structural, roof, termite and other problems with the property that the seller will need to remedy.
• A home warranty can give you peace of mind by providing repair-or-replace coverage of major home operating systems and appliances.
• A preliminary title report informs you of any problems with the property’s title and a policy of the title insurance protects your rights to the property.
• A walk-through before closing will allow you to make sure all required work has been taken care of and that the property is ready to become yours.

The next step will be to choose a closing date and possession of the home.  Your agent will present your offer and at that point the seller will have three choices.

1. Accept your offer as it is presented
2. Reject it completely
3. Propose adjustments to your offer, which is a counter-offer

If there is a counter offer, you can choose whether to accept it, reject it or counter it.  Once you have reached an agreement with the seller, you will have a firm contract to purchase the home.

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