I’m Ready to Submit an Offer on a Home, Now What?
Found the house you want to buy and ready to make an offer? The next step is more than choosing a price. Your offer sets the purchase price, escrow deposit, financing and inspection terms, closing date, contingencies, and what will be included in the sale. Here is everything your agent will need from you, along with what actually happens once that offer leaves your hands.
Your agent will walk you through preparing the offer, but there are decisions and pieces of information only you can provide. Once you’ve sorted those out, your agent puts it all together for you to review and sign. From there, it becomes a binding contract once all required parties have signed and the fully executed contract has been delivered as required.
What Do You Need to Make an Offer on a House?
Here’s what youar agent will need in order to submit an offer on a home for you.
1. Pre-Approval or Proof of Funds
When making an offer on a home, the seller will want to know if you’ll be paying cash or obtaining financing. For a financed purchase, sellers will generally expect a pre-approval letter to accompany the offer, and if you’re paying cash you’ll need to provide proof of funds. This can be a letter from your banking institution confirming you have the funds to purchase the property. Some sellers will also accept a bank statement with certain information blacked out, such as the account number, but it must show the amount of money in the account.
A pre-approval letter matters for a couple of reasons. First, it shows the seller you qualify for a loan large enough to buy their home. Second, the pre-approval identifies the loan program and estimated financing amount, and this information needs to be in the offer itself. Buyers should have a pre-approval letter in hand before looking at homes for sale unless they’re paying cash.
2. Legal Names
Not everyone goes by their legal name, and your legal name is what’s needed to submit an offer. If you go by another name day to day, make sure to tell your agent so there are no issues down the line.
3. Offer Price
The next decision is how much to offer the seller. Instead of picking a number out of thin air, examine comparable home sales that recently took place and make an educated decision. If you’re buying in a specific pocket of Wellington or Royal Palm Beach, recent closed sales in that exact community will tell you far more than a countywide average.
Keep in mind that price is only part of the offer. Two offers at the identical price can look very different once you factor in the deposit amount, contingency timelines, closing date, and whether the buyer is asking for any seller-paid closing costs. A buyer who understands this puts together a stronger offer than one who only focuses on the number.
4. Escrow Deposit
In addition to the offer price, you’ll need to decide how much money to put down for the escrow deposit and when it will be made. This deposit, also called an earnest money deposit, is the amount a buyer puts down as a sign of good faith when purchasing a home.
There is no single standard amount. The deposit can vary quite a bit depending on the purchase price, the contract terms, your financing, and how competitive the market is. Some buyers include the escrow deposit with their offer, while others put it down once the offer is accepted, and it’s not uncommon to split it into two payments, with a smaller amount up front, like $1,000, and the rest due after the inspection period. As a general guideline, escrow deposits in Palm Beach County tend to run around 3% of the purchase price, though your agent can help you land on an amount that fits your specific offer.
Even a buyer obtaining 100% financing will still have closing costs to cover, so putting money in escrow isn’t wasted even without a down payment. If the escrow deposit ends up exceeding what’s actually owed at closing, the buyer receives a check back for the difference. If the transaction closes, the escrow deposit is generally credited toward the funds owed at closing.
5. Financing Details
If you’re obtaining a mortgage, your lender information needs to be part of the offer, including the loan type, the amount you’re financing, and the mortgage contingency period. Your lender should also confirm your desired closing timeline can realistically be met before you commit to it in writing.
6. Inspection Period
A home inspection and an inspection contingency are two different things, and it’s worth understanding the distinction before you submit an offer. You can have a home inspected even if your contract doesn’t give you an unrestricted right to cancel based on what the inspector finds. Most contracts have a default inspection time period, but buyers often shorten it, with five to seven days often being used.
During this period you can conduct a general home inspection along with any specialized inspections you want, such as pest, sprinkler, or septic. Depending on your contingency, you may be able to cancel the contract outright, or you may only be able to ask the seller to address specific repairs. If the inspection does turn up issues, knowing which repair requests are considered reasonable and how to negotiate repairs after a home inspection will help you handle that conversation well.
A home inspection should never be skipped, even if you waive your right to cancel based on it. You still want to know exactly what you’re buying.
7. Other Contingencies and Addendums
Beyond financing and inspection, you may need additional contingencies or addendums, such as a home sale contingency, an HOA addendum, or an appraisal contingency. The appraisal contingency deserves attention on its own. A home can appraise for less than the agreed purchase price, and depending on your contract terms, you may have options if that happens, including renegotiating with the seller, bringing additional cash to closing, or exercising a contractual right to cancel.
In a competitive situation, some buyers also add an escalation clause to strengthen their position without overpaying from the start. Each additional contingency needs its own deadline spelled out, so if you’re uncertain what to include, talk it through with your agent before you submit.
8. Closing Date
Florida residential purchase contracts generally specify a specific closing date rather than the open-ended “on or about” language you might see used elsewhere in the country. This applies whether you’re closing on a home in Wellington, Lake Worth, or anywhere else in Palm Beach County.
That said, the contract governs possession terms specifically, so confirm those details rather than assuming the seller will be fully moved out the moment papers are signed. If you’re obtaining a mortgage, make sure your lender can meet your desired date, and if you have flexibility, ask what closing timeline the seller prefers.
9. Personal Property, Appliances, Fixtures, and Other Inclusions
Most contracts automatically include certain items, like a refrigerator or light fixtures, but they may not include others, like a washer and dryer. Understand what’s automatically included and what needs to be spelled out separately. If you want both garage remotes, list two garage remotes. If you want the extra refrigerator sitting in the garage, list it too so there is no confusion.
It’s also worth remembering that the signed contract, not the description on the MLS listing, determines what actually conveys with the home. A listing that mentions a feature or included item doesn’t guarantee it if the final contract doesn’t spell it out. One of my buyers received an $800 credit at closing because several items, including remotes, keys, and HOA documents, weren’t left behind by the seller. Because those items had been specifically written into the contract, we were able to resolve it rather than the buyer simply absorbing the cost.
10. Email Addresses
If your agent uses an electronic signature program, they’ll need an individual email address for every buyer on the offer. Two buyers can’t share one address.
What Should You Consider Before Making an Offer?
Know the Comparable Sales
Recent closed sales, rather than the asking price alone, provide important evidence of what similar homes have actually sold for in the current market.
Decide Your Maximum Comfortable Price
This is different from asking what the house might be worth. It’s the number you’re comfortable committing to without losing sleep over it, win or lose.
Understand the Seller’s Situation
Days on market, a recent price reduction, or details in the listing can hint at how motivated a seller is and what terms might matter most to them.
Know How Much Cash You’ll Need
Beyond the down payment, factor in your escrow deposit, inspection costs, and closing expenses specific to buying in Florida, so there are no surprises later.
Understand the Competition
Is there already another offer on the table? Some buyers respond by throwing out a lower offer just to test the seller’s flexibility, but that approach can just as easily cost you the house.
What Happens After You Submit an Offer?
Once your offer reaches the seller, a few things can happen. They can accept it as written, reject it, or send back a counteroffer. If you’re competing against other buyers, understanding what a highest and best offer request means and how to position yourself in a multiple offer situation can make a real difference.
Most contracts include a deadline for the seller to respond, but sellers don’t always meet it, especially if they have other offers or an open house coming up. If the deadline passes without a response, it’s reasonable for your agent to follow up with the listing agent.
Until every party has signed and the fully executed contract has been delivered, nothing is final, in either direction. A seller telling your agent “yes” over the phone is not the same as an accepted offer, and a verbal acceptance isn’t a binding agreement. It can still change before it’s in writing.
What Happens After Your Offer Is Accepted?
Once the seller accepts your offer and the contract is fully executed, the transaction moves into the contract period. This is when you’ll need to meet the deadlines you agreed to, including making your escrow deposit, completing inspections, moving forward with your mortgage application, ordering an appraisal if required, and satisfying any other contingencies.
Your agent should give you a timeline of these deadlines so you know what needs to happen and when. Don’t assume you’ll automatically get an extension if something takes longer than expected. Missing a contractual deadline can have real consequences.
Getting your offer accepted is exciting, but it’s not the finish line. It’s the point where the work of actually getting to closing begins.
Frequently Asked Questions About Making an Offer
What documents do I need to make an offer on a house? At minimum you’ll need a pre-approval letter if financing, or proof of funds if paying cash. Your agent will use these along with your legal name, offer price, escrow amount, and desired terms to prepare the offer itself.
Do I need a pre-approval letter before making an offer? For a financed purchase, sellers will generally expect a pre-approval letter before considering an offer. Cash buyers will instead typically provide proof of funds.
How much should I put down as an escrow deposit? There’s no fixed rule. It depends on the purchase price, the strength of the market, and how competitive the offer needs to be. Your agent can help you land on an amount that fits your specific situation.
Can I make an offer below asking price? Yes, nothing prevents a buyer from offering under asking price. Whether it’s accepted depends on how the price compares to recent comparable sales and how much interest the home is receiving from other buyers.
Can a seller accept another offer after accepting mine? Not once you have a fully executed contract signed by all parties. If your acceptance was only verbal and nothing has been signed yet, the seller can still accept a different offer.
Can I withdraw my offer before the seller accepts it? In many situations, a buyer can revoke an offer before it has been accepted, but the timing and circumstances matter. If you’ve changed your mind after submitting an offer, contact your agent immediately rather than assuming you can simply withdraw it.
Do I need an attorney to submit an offer in Florida? No, an attorney isn’t required, and most residential transactions use a standard Realtor association contract. Some buyers still choose to have an attorney review it, particularly for more complex purchases like new construction or a property in probate.
Final Thoughts
Buying a home can be a complex and stressful process. Knowing what your agent needs from you, and what to think through before you submit, makes the process a lot smoother once you’re ready to make an offer. Hiring a top real estate agent takes a lot of that stress off your plate too.
For buyers looking to purchase a home in Wellington, Royal Palm Beach, Lake Worth, or the surrounding Palm Beach County area, I’ll be more than happy to discuss your home buying goals and see if we can make your dream a reality.
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Skipping one of these steps could cost you the house. See what your offer actually needs to include first. #realestate #homebuyingAbout the Author
Top Wellington Realtor, Michelle Gibson, wrote: “I’m Ready to Submit an Offer on a Home, Now What?”
Michelle has been specializing in residential real estate since 2001 throughout Wellington, Florida, and the surrounding area. Whether you’re looking to buy, sell, or rent, she will guide you through the entire real estate transaction. If you’re ready to put Michelle’s knowledge and expertise to work for you, call or email her today.
Areas of service include Wellington, Lake Worth, Royal Palm Beach, Boynton Beach, West Palm Beach, Loxahatchee, Greenacres, and more.
