Opening Escrow
November 28th, 2008 adminOpening Escrow
Your agent will assist you in setting an opening offer price by providing a list of homes sold recently similar to the one you are interested in buying. Along with your offer it is customary to provide a “good faith” deposit check of at least 3% of the offered price.
There are two parts to an offer: the price and the terms. Usually you will offer less than the asking price. If it’s a seller’s market, meaning there are many buyers vying for the same property, you may offer more. In any case, there will more often than not be a counter-offer.
The sellers will counter your offer in writing. The counter-offer will say, in effect, “I agree with your offer except as follows: …(enumerate the changes the seller requests).” The buyer can respond with a written “counter-counter-offer,” and the offers can go back and forth until there is final agreement, or until one of the parties will no longer respond.
Once the offer is agreed to by all parties concerned, the agent will take the written final agreement and the deposit check and deposit them “in escrow.” Escrow will then be deemed open.