Definition
An offer is your formal proposal to purchase the property at a specific price and terms. It can be withdrawn before acceptance and may be rejected or countered by the seller.
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An offer is the initial step in a real estate negotiation. It typically includes the proposed purchase price, earnest money amount, contingencies, and desired closing timeline. The offer can be withdrawn by the buyer before acceptance and may be rejected, accepted, or countered by the seller. Multiple offers can be submitted on the same property, leading to competitive bidding situations.
Pro Tip
Include favorable contingencies while remaining competitive.
Example
The buyer submitted an offer of $425,000 with 3% earnest money and a 45-day closing period.