Common Aspects of a Good Offer

Good offers are based on a realistic offering price.
You shouldn't pull the offering price out of thin air. Instead, base your offering price on houses (comparable to the seller's house in age, size, condition, and location) that have sold within the past six months in the same subdivision or area. Making an educated decision concerning your offer price will allow you to show the seller you have market knowledgeable rather than trying to take advantage of them.

Good offers have realistic financing terms.
Your mortgage's interest rate, loan-origination fee, and time allowed to obtain financing must be based upon current lending conditions. Some offers get blown out of the water because a buyer's loan terms are unrealistic. If you've been pre-qualified or, better yet, pre-approved for a loan, we will stress this advantage when you present your offer. This proves to the sellers that you're a creditworthy buyer who's ready, willing, and financially able to purchase their house.

Good offers don't ask the sellers for a blank check.
At the time that your offer is initially submitted, you won't know the degree to which corrective work is needed unless property defects are glaringly obvious. Under these circumstances, it's smart to use property inspection clauses that enable you to reopen negotiations regarding any necessary corrective work.

Negotiation is an Ongoing Process
After the action of having your offer accepted, your property inspectors gather information. After they've determined what is actually required in the way of corrective work, you and the sellers can renew your negotiations armed with hard facts.

If the sellers agree with the price and terms contained in your offer, they'll sign it. They should give you a signed copy of the offer immediately. When you actually receive a copy of the offer signed by the sellers, you have what's called a ratified offer (that is, a signed or accepted offer). This doesn't mean that you own the house or that it has been sold. All you can say for now is that a sale is pending.