If you want to buy a new washing machine, you simply go into a retail store and pay the listed price. Pretty simple.
However, it doesn’t work quite that way when it comes to real estate. Although a home will usually have a “listed price”, you must make an “offer” for that property and then the seller must accept it. In fact, if there are other buyers interested in the property, you may not get the home even if you offer the listed price!
That’s why it’s so important to work with a good real estate professional, who can provide information and experience to help you determine the right offer to submit.
Once you make an offer, if the seller accepts it, the home is yours. If the seller rejects your offer, it could be because they’ve accepted another buyer’s offer, feel your offer is too low, or have rejected one of your conditions.
Sometimes, the seller will come back with a counteroffer. If you accept it, congratulations, you’ve bought the property. If you don’t like the counteroffer, you can make a counter-counteroffer!
This back and forth negotiation can get a bit tricky, which is another reason to have a professional by your side.