MAKING AN OFFER ON A HOME
What to Expect Before, During, and After You Submit an Offer
The Home Advantage Difference
Our goal is to help Teamster members better understand the homebuying process through planning, education, and practical information before important financial decisions are made.
What Strengthens an Offer
When reviewing an offer, sellers may consider more than just the purchase price. Financing readiness, requested timelines, contingencies, and overall terms can all play a role in how an offer is evaluated.
Understanding these factors before submitting an offer can help you better prepare for the process and avoid unnecessary delays or surprises.
Common Factors Buyers May Encounter
– Earnest Money
– Pre-Approval
– Inspection Contingencies
– Offer Timelines
Earnest Money & Upfront Costs
Making an offer on a home may require upfront funds before closing. Earnest money deposits, inspections, appraisals, and other out-of-pocket expenses can come up early in the process and may have specific timelines attached to them.
Understanding these potential costs ahead of time can help you better prepare financially and avoid delays once an offer is submitted.
Common Factors Buyers May Encounter
– Earnest Money
– Inspection Costs
– Appraisal Fees
– Closing Costs
Contingencies & Timelines
Contingencies are conditions written into an offer that may allow additional time for inspections, financing, appraisals, repair discussions, or other important steps before moving forward with the purchase. Contract timelines and deadlines are often included as part of the offer process.
Knowing what to expect can help you better prepare for possible negotiations, additional expenses, and important decisions along the way.
Common Factors Buyers May Encounter
– Inspection Contingencies
– Financing Contingencies
– Seller Contributions or Concessions
– Contract Deadlines
Seller Responses & Counteroffers
After an offer is submitted, a seller may accept the offer, reject it, request changes, or submit a counteroffer. In some situations, there may also be multiple offers being considered at the same time.
Understanding these different outcomes can help you better prepare for additional decisions, updated terms, or continued communication during the process.
Common Factors Buyers May Encounter
– Counteroffer
– Multiple Offer Situations
– Best and Final Offer
– Offer Response Timeline
What happens next
YOUR OFFER WAS ACCEPTED.
NOW THE PROCESS SPEEDS UP.
Once your offer is accepted, the process can move quickly. Inspections, financing updates, paperwork, and contract deadlines may all begin happening within days. Staying organized and responsive can help everything move more smoothly toward closing.
Inspections & Appraisals
Once an offer is accepted, inspection and appraisal timelines can move quickly. Being prepared for scheduled appointments, possible repair discussions, additional documentation, and time-sensitive decisions can help the process move forward more smoothly.
Being aware of these steps ahead of time can also help you avoid delays and better prepare for possible out-of-pocket expenses or contract deadlines.
What May Happen Next
– Home Inspections
– Appraisal Inspections
– Repair Requests
– Appraisal Value Differences
Staying on Track to Closing
After an offer is accepted, there may still be several important steps before closing. Documentation requests, financing updates, inspections, appraisal reviews, and contract deadlines can continue moving quickly throughout the process.
Staying organized, responsive, and prepared for next steps can help reduce delays and keep the transaction moving toward escrow and closing.
What May Happen Next
– Escrow and Closing Timelines
– Additional Documentation Requests
– Final Loan Approval
– Closing Disclosures
IMPORTANT INFORMATION
Mortgage Readiness Platform, Consumer Choice, and Program Protections
The Teamster Home Advantage Program is a mortgage readiness platform designed to help Teamster Members prepare for homeownership. Through the Program, Members have access to educational resources, planning tools, and a personalized mortgage readiness profile that helps them understand affordability considerations and general readiness indicators before pursuing a mortgage.
Members retain full control over their readiness profile. Members may choose to print or export their readiness profile and provide it directly to any mortgage lender of their choosing, whether or not that lender participates in the Teamster Home Advantage Program. The Teamster Home Advantage Program does not require Members to use a participating lender and does not restrict a Member’s ability to shop for, compare, or obtain mortgage financing outside the Program.
Members may elect, at their express direction, to transmit their readiness profile to a participating lender within the Teamster Home Advantage Program framework and may be eligible for additional program features or mortgage options offered by participating lenders, subject to the lender’s eligibility criteria.
Certain union-sponsored benefits and protections, including the Teamster Home Advantage Program Mortgage Relief Payment (MRP), apply only to qualifying mortgages originated through participating lenders within the Teamster Home Advantage Program framework. Mortgages originated outside the Program framework are not eligible for these program-specific protections. Members remain free to choose the lender and mortgage option that best meets their individual needs.
