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-> Inquiries & Offers
-> Moving/ Relocating
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amother
Denim
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 Tue, Jan 08 2019, 6:34 pm
Can someone please explain what this means? I'm starting to look into buying a our first home and wondering what that term means.
is it that you say you'll purchase the home for more than it was listed for? or it just means that you are the first one to say that you want it and proceed with the process of going under contract?
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amother
Lawngreen
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Tue, Jan 08 2019, 6:37 pm
| amother wrote: | Can someone please explain what this means? I'm starting to look into buying a our first home and wondering what that term means.
is it that you say you'll purchase the home for more than it was listed for? or it just means that you are the first one to say that you want it and proceed with the process of going under contract? |
Its "Putting down an offer" and it means extending a written offer to purchase a home that is for sale. Usually the written offer is a Purchase Agreement - and often you include a deposit with the offer.
You don't need to be the first, and the offer doesn't need to be for what the house is listed for.
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amother
Aquamarine
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Tue, Jan 08 2019, 6:39 pm
Amount can be lower or greater.
A contract is prepared. If they accept it you put down money and both of you are pretty locked in.
Then you have a set amount of time for inspection. Then can make decision if inspection issues.
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amother
Denim
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Tue, Jan 08 2019, 6:41 pm
| amother wrote: | Its "Putting down an offer" and it means extending a written offer to purchase a home that is for sale. Usually the written offer is a Purchase Agreement - and often you include a deposit with the offer.
You don't need to be the first, and the offer doesn't need to be for what the house is listed for. |
That was a typo 
thanks for your explanation
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thunderstorm
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Tue, Jan 08 2019, 6:47 pm
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Sometimes multiple people put down an offer on the same house. Let's say the seller is asking 400k and you offer 410k but someone else who saw the house on the same day offers 413k . The seller will most likely go for the higher offer. So sometimes there are bidding wars where the person wants the house really badly so you will counter offer and say you are willing to offer 420k and then the seller will accept your offer. However once a contract was signed there's no backing out for the seller because someone else offers him even more than you. If your offer was accepted it stays at that and then the purchase contract is written up and signed by both buyer and seller.
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amother
Lawngreen
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Tue, Jan 08 2019, 7:26 pm
| amother wrote: | That was a typo
thanks for your explanation |
Good luck. I hope the process is quick and you get what you want for a good price.
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amother
Denim
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Tue, Jan 08 2019, 8:21 pm
| amother wrote: | | Good luck. I hope the process is quick and you get what you want for a good price. |
Amen!
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