Once you have selected the house you want to buy, your next step is to submit a signed real estate offer to purchase. Your MAINGATE sales associate knows what forms, addendums, and disclosures are needed or required by law and what contingencies to request in your offer to purchase. We will walk you through the process step-by-step, to your complete understanding and satisfaction, in order to prepare your real estate offer.

• How much should I offer? You know the seller's asking price, but your MAINGATE sales associate will assist you in determining what the home is really worth by researching comparable properties and market statistics.
  
  
• And how much earnest money should accompany my offer? A substantial escrow deposit shows the seller that you are serious enough about purchasing their property for them to take it off of the market. Your earnest money is usually held in an escrow account until the offer does not go to contract, the contract is terminated by either party, or the sale goes to a successful closing. At closing, these monies are applied to the buyer's down payment or closing costs. If the sale does not close, these funds will be dispersed according to the terms of the contract.
  
  
• Who chooses the closing date and possession date? You do. So be sure to allow yourself enough time to do everything you need to, like obtain financing.
  
  
• I signed the offer. Now what? Your MAINGATE sales associate will present the offer to the seller's agent. The seller will either accept, reject, or counter your offer with changes in the terms. If the seller submits a counteroffer, you may either accept their counteroffer, make another counteroffer, or withdraw your offer.

When both the seller and buyer agree to the terms and both sign the document, it becomes an "effective" contract, also known as "valid" contract. Now that the deal has "gone to contract", a number of tasks must be completed in a timely manner to protect your purchase.

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