Keller Williams Realty - Loveland Colorado

This is a great time to see how well your agent works for you! When you find your desired real estate, you and your agent will sit down to write an offer. This is also one of the most exciting parts of buying a home, along with closing.
Your agent will make you aware of choices you have in making your offer, like adjusting the offer price in relation to any maintenance items, closing dates, and loan terms. Your agent will also explain terms that best suit your needs that you may want to include in the contract. When you have the details worked out, your agent will prepare a contract called “Contract to Buy and Sell Real Estate.” This is the official offer! This contract varies from state to state. In Colorado, it is roughly 15 pages in length and includes all of the previously discussed details. When you are satisfied with the contract, a check is cut to go along with the offer. This check is called the earnest money. Again, it varies on each property.
The money is simply held as escrow in case and is not cashed until your offer is signed by you and the seller. It is then held in escrow as good faith that you do want the property.
Your agent will take the offer and the check to the seller’s agent for review with their clients. I’d like to note here that one of the details in the contract is a deadline for response to the offer. This deadline is normally a couple of days. This will also help calm nerves when you may be apprehensive about your purchase.
Often times, the response to the offer will be a counter offer. Most offers deal solely with price, so you can see this as simple bartering over how much money it will be. If this is not up to satisfaction, the deal is ended and your earnest money is given back. If the offer or counter offer is accepted, you are now officially “under contract!”