- BUYING RESOURCES -
Making an offer
RESOURCES FOR:
With YELLOW, it's easy to navigate the purchase process on your own.
- DETERMINING YOUR OFFER -
YELLOW makes it easy to determine your offer.
Every home has a price estimate with an explanation on how that estimate was reached. Other features like the home inspection provide transparency so there aren’t any surprises.
Knowing this information helps you safely make an offer.
The offer isn't just the sale price, though. You'll need to know what size escrow deposit you'll make, the mortgage details and down payment, and timeline.
We'll discuss these more below.
YELLOW SAYS...
TALK TO YOUR LENDER FIRST
Before making an offer, discuss the details with your mortgage provider. They can help find the price you will be comfortable offering and also provide important details like the down payment, mortgage type, rate, and how long they expect it will take to close.
To close faster, provide your financial documents as soon as possible. A shorter closing date can help your offer stand out.
ADDITIONAL RESOURCES
- MAKING THE OFFER -
On YELLOW, every listing has a "Make an offer" link where you can make your offer right there online.
Below are the basics of what you'll see when making your offer.
Making an offer on a home with YELLOW is a simple process, but it helps to have all your information ready before getting to that page. That's why we created a fillable pdf document with every question we'll ask when making an offer.
ENTER YOUR PERSONAL INFO
This is your basic info like name, address, etc.
ENTER YOUR OFFER DETAILS
This deposit will be paid to the title company within three days after the offer is accepted. It's most common to see a deposit of 1% - 2% of the purchase price, and usually a round number in that range, like $2,000 or $4,000. Homes on the lower end are usually closer to 1%. Serious buyers in a hot market may wish to make a larger deposit to show their interest.
REVIEW THE DISCLOSURES
INCLUDE AN OFFER LETTER
This is optional. Buyers who wish to make their offer stand out can upload a personalized letter that accompanies the offer.
VIEW YOUR OFFER
All offers are completed on the legal Florida Realtor contracts. Your responses will be inputted into these forms and are able to be downloaded as pdf's.
The purchase contract is filled with legal-speak and can look intimidating on its own. For that reason, we've created a 'Purchase Contract Guide' that provides explanations for each section. It's linked below:
Buyers can also check out our guide to the purchase contract strictly from the buyers perspective. This looks at things like deadlines and conditions strictly for the buyer.
SUBMIT YOUR OFFER
Your offer will be submitted online and goes straight to the seller. You'll be able to follow the progress of your offer in your Homepage.
Don't forget - a real, live person is always here to help! We can walk through any form with you when you contact us through one of our many contact methods.
ADDITIONAL RESOURCES
- EARNEST MONEY -
Earnest money is the deposit you make with your offer. Sellers see larger deposits as a sign of seriousness of the buyer. With YELLOW, you'll submit the deposit within three days after the offer is accepted and it will be paid to a neutral title company.
The earnest money can be applied to your down payment or closing costs and the funds can usually be returned if the deal falls through depending on the circumstances.
EARNEST MONEY - HOW MUCH TO OFFER?
It's most common to see a deposit of 1% - 2% of the purchase price, and usually a round number in that range, like $2,000 or $4,000. Homes on the lower end are usually closer to 1%. Serious buyers in a hot market may wish to make a larger deposit to show their interest. We've seen anywhere up to 10% of the purchase price.
ADDITIONAL RESOURCES
- COUNTER OFFER -
It's not uncommon for sellers to reject an offer, especially a first offer. It’s also very common for them to make a counter offer. With YELLOW, the buyer and seller can easily negotiate back and forth until an agreement is reached or someone walks away.
YELLOW offers our estimate on the home price and other features to provide transparency, helping to take the stress out of the negotiation process.
- OFFER ACCEPTED -
Once the seller accepts your offer, you'll digitally sign the contract. It will then be returned to the seller for their signature.
Now you're officially under contract. Take a minute to celebrate!
...BUT DON'T GET TOO EXCITED!
You're entering the pre-closing phase and the real work is just getting started.
The lender and title company will begin working on your mortgage, the title and paperwork, any other inspections, appraisals, and anything else built into your purchase agreement. This is a very important time for a buyer and a lot will be asked of you.
Check out the PRE-CLOSING page in the next section for more info on what to expect.
