An offer to buy real estate is basically contract paperwork that hasn’t been signed yet by the seller. Whenever the time comes when you find a property you want to make an offer on, your agent will prepare the offer paperwork and walk you through how to sign everything. Then, your agent will submit the offer to the listing agent, who represents the seller. The listing agent will present the offer to the seller.
What Happens after an Offer to Buy Real Estate is Accepted by the Seller?
If the seller accepts the offer, they sign it and it becomes a contract. At that point, the listing agent changes the status of the listing to “under contract” on the Multiple Listing Service (MLS), and then the property no longer appears as being “active,” or, for sale. The agent has two days to change the status, so there could always be a delay in the reporting of the MLS.
Often, after an offer to buy real estate is submitted, there is a back and forth process of negotiations before there is an agreement on the terms of the contract. These negotiations usually take anywhere from a few hours to a couple days.
Read Part 2 in my blog series on making an offer to buy real estate in Northern Virginia…
Are you thinking of buying a Home in Northern Virginia? Call me at 703-462-0700 or email me at DarrenRobertsonHomes@gmail.com so I can go to work for you. It’s important to work with an agent who has an in-depth understanding of how Northern Virginia real estate contracts work.