You Made an Offer on a House, Now What?

Estimated reading time: 2 minutes

When you fall in love with a home enough to make an offer, it’s an exciting time! After spending so much time house hunting, weighing your options, and finding a mortgage lender you trust, committing to a property can be a mix of emotions.

To help ease your anxiety about the home financing process, let’s go over the three possible outcomes that happen after you make an offer.

Your Offer is Rejected

If your offer is rejected, it most likely means the amount you’re willing to pay for a property is lower than what the seller is willing to accept. Your agent may be able to relay information from the seller’s agent about why your offer was insufficient. This feedback may help you create a more appealing and competitive offer for another home. While this may be frustrating, it’s best to move onto making an offer for another property.

The Seller Counters Your Offer

A counteroffer occurs when the seller returns your offer with a dollar amount that’s slightly higher than what you offered. It may also include modifications to contingencies or an adjustment of the proposed closing date. Upon review, you can accept the new offer or suggest a counter of your own with new terms in return.

Experts recommend caution with counteroffers, especially if you’re in a seller’s market. If there are multiple offers on a home, going back and forth with the seller could cost you the sale.

Your Offer is Accepted

When your offer is accepted, it’s time to move forward with mortgage financing!

Your mortgage lender will request certain documents for review, such as income verification documents and your credit information. When you use our mobile app, you can upload the necessary paperwork and receive milestone updates as your loan progresses.

While you navigate the financing process, the home you made an offer on will be listed as “under contract.” This means that you and the seller have both agreed to move forward with the deal if contingencies are met.

What’s Next?

Once you go under contract, there are a few things that stand between you and closing. Having a dedicated and experienced Loan Originator by your side can help you navigate the home financing process with ease! Ready to kickstart your dreams of homeownership? Contact us today!