Make An Offer...

How to Make an Offer in Texas
Even though the economy has placed a cloud on the real estate industry, the Texas real estate market ranks highest throughout the country.  While the home prices have taken a slight dip, potential buyers are taking advantage of lower home prices and record low interest rates.  Potential investors and home buyers  who are in a position to make an offer, see this unique buyers market and are looking to seize the moment.

Although you can Google “How To Make An Offer,” it is a wise choice to base your information on how to make an offer in Texas, as there are some specifics about Texas real estate that differ from the rest of the country, and of course this could affect you getting the best deal.

Verbal offers are not legally enforceable when it comes to the sale of real estate.  Therefore, you need to enter into a written contract, which starts with your written offer.  This offer covers all of the terms and conditions of the purchase, including offer price.

BuyersHouseRealty has the standard forms (including the One to Four Family Residential Contract- Resale) that you will need in order to complete your offer.  When we represent you as your buyer's broker, we will answer all of your questions concerning any contracts or additional addenda that may be required.  There are also important items that the seller must disclose, and these items will be addressed prior to submitting your offer. 

Once we have discussed the terms of your offer, we will send the offer to you for your final approval.  You will then need to initial and sign the offer prior to BuyersHouseRealty submission to the seller’s agent. 

If your offer is accepted, the seller will both initial and sign without making any changes.  This will become a legally binding contract.  At this time both the option money and earnest money will be due within 48 hrs.  This also starts the clock for important strict time-lines mentioned in the contract.  

If the offer is countered by the seller, you will be free to walk away or counter their counter-offer.  Keep in mind that countering the sellers offer puts you at risk of losing the home, as another buyer could make an offer that is accepted before your counter offer is accepted. 

If the seller rejects your offer, you can resubmit a new offer that the seller may look at more favorably.  Most offers are rejected because they are considered "Low-Ball offers" and the seller may not even wish to counter your offer. 

Each time either the buyer or seller makes a change to the offer, the other party is free to accept, counter, or reject it.  The offer only becomes legally binding when you finally have a meeting of the minds and all initials and signatures are in place.

Get an Option
Making a decision to buy a home can be time-consuming. A prolonged decision-making period can work to the disadvantage of a seller, who may need to sell quickly; and a buyer, who may lose the ideal property to someone with a better offer.

In recognizing this dilemma, TREC has provided for an “option fee” clause in all residential contract forms. This clause allows buyers and sellers to negotiate a specified time during which the buyer can fully evaluate the condition of the property and perhaps renegotiate the initial offer based on inspections, needed repairs, or other considerations. For this unrestricted right, the buyer pays the seller a nonrefundable “option fee.”

During the option period, buyers may either terminate the contract or proceed to purchase the home. Sellers not only receive the benefit of the “option fee” payment, but also avoid jeopardizing a successful sale.

There are no rules governing when a seller must accept any offer to purchase, nor are there requirements as to which offer or counter-offer a seller must accept, if any, for his or her property.

You can reach us directly by calling us at 877.772.8975 or you can fill out the email form below. Start by filling out the home criteria form below. Please be as detailed as you can. The information you provide below will be kept confidential and will not be used for any other purpose.