The Offer Process
Let's take a look at the steps involved with submitting an offer on a home when you use a Redfin agent. Other agents may have different methods for making offers; if you're working with another real estate agent, ask her for details.
The steps listed here are generally applicable for the Boston area, but if you'd like to see the specific steps for a different city, use the menu at the bottom of the left column labeled This page customized for...
- First, your agent will call the seller's listing agent to find out if there are any other offers already made on the home, and if the seller is still accepting offers.
- Next, your agent will confirm that you've been pre-approved for a loan. A pre-approval letter proves to the seller that you're making a serious offer. If you need recommendations for a lender or mortgage broker, you should tell your agent right away.
- Your agent will now contact you to discuss an offer strategy. A strategy is important for any offer, but particularly critical when you're up against other offers. We'll cover these issues in detail on our offer negotiation page.
- Your agent will draw up a formal offer, send it to you for your signature, and then submit it to the seller's agent. Most sellers respond within 4-8 hours, though some sellers may need more time. You'll need to submit a photocopy of a $1,000 check along with your offer, but will not submit the actual check until the offer is accepted.
- Your agent will negotiate with the seller's agent to reach a deal that both sides can agree upon. This may happen quickly, or may require several rounds of negotiation. If the sellers agree to your offer, you'll be at the stage of the deal known as mutual acceptance. If you cannot come to an agreement with the seller, your offer will be rejected, and it'll be time to move on to the next home.
Once your offer is accepted by the seller, there's still plenty to do before the deal is done. Appraisals, inspections, paperwork, earnest money, plus many more tasks all make up the part of the deal known as post-mutual. The post-mutual period can last for 30-45 days or more, and it'll keep you on your toes.
Read more about the post-mutual process.