Oklahoma Home Buying Series-Part Two: THE OFFER
Many years ago when I started looking for a home to buy, I had no idea what the process would entail or what would be expected of all parties. In this Home Buying Series, I will break down the steps that occur during the contractual stage of the home buying process.
By now, you will have already read Oklahoma Home Buying Series-Part One: Conditional Loan Approval. You will have already obtained a Conditional Loan Approval, otherwise known as a Pre-Approval Letter from a reputable lender and you will be ready to move forward with THE OFFER after you have found a home you are interested in buying.
Once you find the home of your dreams, your real estate professional will sit down with you to discuss what you would like to "offer"the seller for property. Negotiations to purchase a home begin with this step. The seller may accept, reject or make a Counteroffer to your offer. This offer may go back and forth between you and seller until both of you agree to the terms of THE OFFER.
During the Offer and Counteroffer process, The Listing Broker (this is the seller's agent) is required by law to continue presenting all offers until the Seller accepts an offer in writing.
Further, during this offer/counteroffer stage, the Seller may withdraw the Seller's counteroffer and accept another offer (if another offer has been presented) as long as the Seller's Counteroffer HAS NOT been accepted and signed by the Buyer and delivered back to the Seller.
The buyer also has the same option of withdrawing their OFFER and purchasing another property if the Buyer's OFFER has not been accepted, signed by the Seller and delivered back to the Buyer. All terms of THE OFFER are negotiable.
Part of THE OFFER is the matter of THE EARNEST MONEY. This will be our next stop on the Oklahoma Home Buying Series. Stay tuned.