{"id":21170,"date":"2024-09-13T14:31:18","date_gmt":"2024-09-13T18:31:18","guid":{"rendered":"https:\/\/sothebysrealty.ca\/insightblog\/en\/?p=21170"},"modified":"2024-12-04T17:00:45","modified_gmt":"2024-12-04T22:00:45","slug":"what-to-expect-when-submitting-an-offer","status":"publish","type":"post","link":"https:\/\/sothebysrealty.ca\/insightblog\/en\/2024\/09\/13\/what-to-expect-when-submitting-an-offer\/","title":{"rendered":"What to Expect When Submitting an Offer"},"content":{"rendered":"<p><\/p>\n<blockquote><p><span style=\"font-weight: 300;\">The terms of the offer you submit on your dream home can make all the difference in today\u2019s high-stakes real estate market. To help you understand the process of submitting an offer, we\u2019ve broken down the most important steps. We encourage you to <a href=\"https:\/\/sothebysrealty.ca\/en\/real-estate-buyers-eguide\">download our comprehensive home buyers&#8217; guide to learn more about what to expect throughout the buying process.<\/a><\/span><\/p><\/blockquote>\n<blockquote><p><b>Mortgage Pre-Approval<\/b><\/p>\n<p><span style=\"font-weight: 300;\">It\u2019s a good idea to meet with a lender to get pre-approved for a mortgage before submitting an offer. A pre-approval will allow you to lock in an interest rate for up to 130 days and demonstrate to the home seller that you are a reliable potential buyer.<\/span><\/p><\/blockquote>\n<div class=\"image_block_single\"><img decoding=\"async\" src=\"https:\/\/sothebysrealty.ca\/insightblog\/wp-content\/uploads\/2024\/09\/120-Av.-Brockwell-Dorval-QC.jpg\" alt=\"\"><a href=\"https:\/\/sothebysrealty.ca\/en\/property\/quebec\/region-montreal\/dorval-real-estate\/1883554\/120-av-brockwell\/\" target=\"_blank\">120 Av. Brockwell, Dorval, QC<\/a><\/div>\n<blockquote><p><b>Determine the Offer Price<\/b><\/p>\n<p><span style=\"font-weight: 300;\">Your real estate agent will help you determine an appropriate offer amount. Typically, this is based on a comparative market analysis of what other similar homes in the area have recently sold for and what the demand for the home you\u2019re interested in is likely to be.<\/span><\/p><\/blockquote>\n<div class=\"image_block_single\"><img decoding=\"async\" src=\"https:\/\/sothebysrealty.ca\/insightblog\/wp-content\/uploads\/2024\/09\/838-Mccabe-Lake-Drive-Middle-Sackville-NS.jpg\" alt=\"\"><a href=\"https:\/\/sothebysrealty.ca\/en\/property\/nova-scotia\/region-halifax-dartmouth\/middle-sackville-real-estate\/1860487\/838-mccabe-lake-drive\/\" target=\"_blank\">838 Mccabe Lake Drive, Middle Sackville, NS<\/a><\/div>\n<blockquote><p><b>Prepare Your Deposit<\/b><\/p>\n<p><span style=\"font-weight: 300;\">When buying a home in a competitive market, a minimum deposit of 5% of the price of the home is required. You should consider offering a higher deposit of anywhere up to 20% if the seller is likely to be receiving multiple offers.<\/span><\/p><\/blockquote>\n<div class=\"image_block_single\"><img decoding=\"async\" src=\"https:\/\/sothebysrealty.ca\/insightblog\/wp-content\/uploads\/2024\/09\/Scott-Lake-Ranch-Rural-Rocky-View-County-AB.jpg\" alt=\"\"><a href=\"https:\/\/sothebysrealty.ca\/en\/property\/alberta\/region-rocky-view\/rural-rocky-view-county-real-estate\/1977394\/scott-lake-ranch\/\" target=\"_blank\">Scott Lake Ranch, Rural Rocky View County, AB<\/a><\/div>\n<blockquote><p><b>Firm vs. Conditional Offer<\/b><\/p>\n<p><span style=\"font-weight: 300;\">A firm offer is a guarantee that you will purchase the home, while a conditional offer outlines certain criteria that will have to be met before the sale is closed. While a firm offer may be more appealing to a seller, setting certain conditions in your offer can protect you as a buyer. Common conditions can include:<\/span><\/p><\/blockquote>\n<blockquote>\n<ul>\n<li><span style=\"font-weight: 300;\">Conditional on financing: This will allow you to back out of the deal if you cannot secure a mortgage lender.<\/span><\/li>\n<li>Conditional on home inspection: This is recommended as it allows you to back out of the purchase if the professional home inspector finds any significant issues with the home related to the structure, plumbing, electric etc.<\/li>\n<li>Conditional on sale of home: This allows you to ensure that you\u2019ve found a buyer for your current home before agreeing to purchase a new home.<\/li>\n<\/ul>\n<\/blockquote>\n<div class=\"image_block_single\"><img decoding=\"async\" src=\"https:\/\/sothebysrealty.ca\/insightblog\/wp-content\/uploads\/2024\/09\/29-Edgehill-Road-Toronto-ON.jpg\" alt=\"\"><a href=\"https:\/\/sothebysrealty.ca\/en\/property\/ontario\/region-greater-toronto-area\/toronto-real-estate\/1333441\/29-edgehill-road\/\" target=\"_blank\">29 Edgehill Road, Toronto, ON<\/a><\/div>\n<blockquote><p><b>Consider Included Items<\/b><\/p>\n<p><span style=\"font-weight: 300;\">You\u2019ll want to be as specific as possible with the terms of your offer. If you\u2019d desire to keep any fixtures of the home \u2013 such as fridges, microwaves, washing machines, or window coverings \u2013 be sure to outline them in the included items section of your paperwork.<\/span><\/p><\/blockquote>\n<div class=\"image_block_single\"><img decoding=\"async\" src=\"https:\/\/sothebysrealty.ca\/insightblog\/wp-content\/uploads\/2024\/09\/25769-82nd-Avenue-Langley-BC.jpg\" alt=\"\"><a href=\"https:\/\/sothebysrealty.ca\/en\/property\/british-columbia\/region-fraser-valley\/langley-real-estate\/1892503\/25769-82nd-avenue\/\" target=\"_blank\">25769 82nd Avenue, Langley, BC<\/a><\/div>\n<blockquote><p><b>The Seller\u2019s Response<\/b><\/p>\n<p><span style=\"font-weight: 300;\">Your offer should include a time frame during which the seller must respond to the offer. This is referred to as an irrevocable date. The seller will respond in one of three ways. In the best scenario, they may accept the offer as is, in which case they agree to all the terms and conditions you\u2019ve outlined. The most common response is that the seller will submit a counter-offer in attempt to negotiate on certain terms or a higher price. At this point, you\u2019ll have a chance to review the proposed changes with your real estate agent. If the market is particularly competitive or they\u2019ve decided to go with a different buyer, they may decline your offer altogether.<\/span><\/p>\n<p><span style=\"font-weight: 300;\">If you\u2019re thinking of beginning the search for your ideal home, <a href=\"https:\/\/sothebysrealty.ca\/en\/real-estate-buyers-eguide\">download our comprehensive buyers&#8217; guide<\/a> and <a href=\"https:\/\/sothebysrealty.ca\/en\/contact-real-estate-agent\/\">connect with one of our real estate experts<\/a> and let us walk you through the process from start to finish.<\/span><\/p><\/blockquote>\n<p><\/p>","protected":false},"excerpt":{"rendered":"<p>The terms of the offer you submit on your dream home can make all the difference in today\u2019s high-stakes real estate market. To help you understand the process of submitting&#8230;<\/p>\n","protected":false},"author":31,"featured_media":21234,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[386],"tags":[],"class_list":["post-21170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-tips"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What to Expect When Submitting an Offer - Sotheby&#039;s International Realty Canada<\/title>\n<meta name=\"description\" content=\"The terms of the offer you submit on your dream home can make all the difference in today\u2019s high-stakes real estate market. To help you understand the process of submitting an offer, we\u2019ve broken down the most important steps. 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