Making an Offer
Once you've found a home you like, the next step is to make an offer for the property. My-Bermuda-House provides on online service that allows you to submit offers to the vendor from our website.
On the Property Details page of every property, there is an icon that allows you to submit an offer. Navigate to the relevant Property Details page, click the "Make an Offer" icon, fill in the data fields and submit the form. Your offer will be sent directly to the party responsible for selling the property. If this is My-Bermuda-House (as real estate agent for the property) we will communicate your offer to the owner as quickly as possible. If My-Bermuda-House is not the acting agent, your offer will be sent directly to the owner (or other real estate agent as the case may be) if they have elected to sell the property themselves. In either case, the responsible party will receive your offer and will respond to you as soon as possible.
Once he/she has received your offer, the seller can either:
- Accept your offer
- Reject your offer
- Counter-offer
Although many first offers are accepted, you should be prepared for a period of negotiation before a final price is agreed. It is quite common for offers or counter-offers to involve different allocations of closing costs as a way to fine tune the final agreement. Other techniques such as sealed bids and Dutch auctions are also sometimes employed by vendors. The most important thing is to remain patient throughout what can be a stressful and frustrating time.
One way to reduce your anxiety is to seek mortgage pre-approval from your bank. Pre-approval lets you know how much the bank will lend you and so effectively confirms what you can afford. Pre-approval can also strengthen your position at the bargaining table. The fewer conditions that you have to place on your offer to purchase, the more willing the seller will be to negotiate the price and other terms.
As a matter of priority, you must understand that any offer submitted for a property is subject to the signing of a Sale and Purchase Agreement. There are no legal obligations on either side until the contract is signed.
Please remember also that to make an offer for a property on our website, you must be a registered user of My-Bermuda-House and must be logged into the application. If you haven't yet registered, click here . Why not? ... its free, quick and easy.
