- 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 of how that estimate was reached. Additionally, our platform provides transparency through features like the home inspection, which helps avoid surprises during the transaction.
Knowing this information helps you make an informed offer. However, it's essential to consider additional costs beyond the sale price, such as closing costs, property taxes, and homeowners insurance.
Consulting with your mortgage provider before making an offer can help you understand the full financial picture and ensure that the offer aligns with your budget.
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 and is paid to a neutral title company. 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.
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%. In competitive markets, serious buyers might opt for a larger deposit, sometimes up to 10% of the purchase price, to strengthen their offer.
ADDITIONAL RESOURCES
- COUNTER OFFER -
It's not uncommon for sellers to reject an initial offer or make a counteroffer. With YELLOW, the buyer and seller can easily negotiate back and forth until an agreement is reached or one party decides to walk away.
On YELLOW, transparent estimates of the home's value and features are provided to alleviate stress during negotiations.
- OFFER ACCEPTED -
Once the seller accepts your offer, you'll digitally sign the contract, which will then be returned to the seller for their signature.
DON'T GET TOO EXCITED!
This marks the beginning of the purchase process.
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. Maintain focus and stay engaged in the process to ensure a successful outcome.
Check out the PRE-CLOSING page in the next section for more info on what to expect.
