Home Bay Simplifies the Process of Making an Offer on a House

By Home Bay

Posted on March 5th, 2019

Home Bay takes the guesswork out of making an offer on a home your client has found and loves. You may be a bit leery about how it works, especially considering Home Bay isn't the conventional real estate process, but we promise, thousands of agents will agree that submitting an offer on a house on Home Bay is easier than ever. We've made the process a simple, paperless, streamlined exchange with electronic communication and automatic counter options for both parties.

Real Estate Offer Process Overview

Regardless of whether you're using two agents, working with a home owner directly or using a technology-based platform like Home Bay, buyers can expect the same basics throughout the real estate offer process. In all offer-transactions, the general flow of the process is as follows:

  • Buyers find a home they would like to make an offer on.

  • If using an agent, the buyer will contact him or her to let them know they are interested in making an offer.

  • The agent will research the status of the property and let the buyer know if the seller is still accepting offers.

  • A buyer's agent will also research “comps,” or comparable properties, in the area to determine if the home is priced at fair market value and to come up with a reasonable price to offer at.

  • Agents also confirm any funding preapproval a buyer already has.

  • If a buyer has not already been preapproved and doesn't have a preapproval letter in hand, this is a crucial step to complete at this point.

  • The agent will help a buyer come up with an offer strategy, detailing both the initial offer as well as outlining next-steps and defining limits in terms of room for negotiation - how much more than the offer can a buyer afford?

  • Once the agent draws up a formal offer, it will need to be signed by the potential buyer and then submitted to the seller, the seller's agent or the platform the seller is using for review.

  • Generally, sellers are eager to negotiate and will respond to an offer within 24 hours. A seller can accept, counter or reject an offer.

  • If negotiations are in order, the process will begin with the seller's counter offer and then a response from the buyer. Note this can potentially take multiple rounds of back-and-forth before an agreement is settled upon.

  • After an offer is finally accepted, usually inspections will be ordered and escrow will open, and the process will continue all the way through the close of escrow when ownership is transferred.

How to Make an Offer on a Property in California

Making an offer on a California property for your client? Home Bay makes it so easy, even agents who are first-time users say they were able to submit an offer in just minutes. Follow these simple steps and your client will have an offer submitted in 5 - 10 minutes!

  1. Find the property listing on the MLS - look for “Offer Instructions.”

  2. Click the link - it takes you to the property on Home Bay.

  3. Find the blue “Make an Offer” button to the right of the property page.

  4. Once in the make-offer flow, click the “I'm their agent” button.

  5. Enter the applicable information such as:

    1. Offer amount

    2. How the purchase will be made (all cash, financed, etc)

    3. Ideal number of days needed to close

    4. Will this be the primary residence

    5. Down payment amount

    6. Etc

  6. Click “Next Step.”

  7. The buyer will then be alerted to electronically sign the offer (at which point the seller will get an email notifying them of the offer).

  8. Sellers can open the email and click into it - they will be taken to the offer details to review all key terms and to see anything Home Bay has flagged any potential issues.

  9. The seller will then have the ability to counter offer, and negotiations will continue until an agreement has been made.

  10. Negotiations can be made 24 hours a day, 7 days a week, making Home Bay the easiest, most convenient new way to buy and sell real estate.

Make an Offer on Properties Outside of California

Looking to submit an offer on Home Bay for a property outside of California? It's simple too! While different states have different requirements and legalities, you can rest assured that with Home Bay, even offers made outside the state of California are streamlined for efficiency and effectiveness. Just take note of the following:

  • Email a PDF of the offer to help@homebay.com and to the seller.

  • Within the MLS, Home Bay provides agents with every seller's email address.

  • If there are any questions, Home Bay is available by phone 7 days a week at 888-544-4239.

What's Next?

After making an offer on Home Bay, buyers can simply sit back and wait for the seller's response. If a buyer isn't preapproved at this point, this is the next step that should be taken. A sale often will not move forward without proof of preapproval.

You can expect one of three outcomes from your offer:

  1. The seller accepts an offer and the sale moves forward.
    This is the perfect-world scenario. At this point, escrow will open, inspections will be ordered and negotiations will begin to determine what repairs need to be made before the sale is complete.

  2. The seller counters an offer with a different price or contingencies.
    Once a seller counters an offer, the potential buyer will review the counter and possibly go back with yet another counter. The end goal is always the same: reach an agreement both parties are happy with.

  3. The seller rejects an offer.
    If a seller rejects an offer, the buyer can then either come back with an entirely new offer or walk away all together.

Home Bay makes buying and selling property easy. Our 24/7 automated platform means the process can work on your time, every time, giving all parties a convenient, quick, reliable way to work together through the process.

Interested in buying or selling?

We've improved the traditional real estate model with modern technology to cut costs, not quality.

Get started today

Posted in Featured, Offers & Counters