Offer and Acceptance process as a for sale by owner

There are many reasons why a buyer might choose to forgo working with a real estate agent during their journey to purchase a home. One of the most common is that buyers view it as a way to save money on the commission that they’d otherwise pay. It also allows a buyer to retain a great deal more control over the entire process. This does not mean, however, that they don’t want — and need — someone with expertise to guide them throughout the entire purchase process. Here is our guide to how to succeed in the Offer and Acceptance process as a for sale by owner.

7 Ways to Succeed in the Offer and Acceptance Process as a For Sale By owner

One reason why some buyers like to work with a real estate agent is they want someone to guide them through the process. It can seem overwhelming when you first consider buying a home on your own. However, using the right tool, such as Richr, while also implementing the following suggestions can make the process smooth, effective and empowering. 

Search Online for a Home

With the busy lives that today’s home buyers have, it can be difficult to drive around specific neighborhoods to look for a home. The same can be said for flipping through real estate booklets or checking the local newspaper.

Searching online for a home can be accomplished during the home buyer’s free time. Whether it’s the early morning hours, late at night or somewhere in between, relying on the convenience of online searches for a new home fits into a busy schedule. 

With Richr, you will be able to search for any home on the MLS you want to buy. Just like using Zillow or realtor.com, Richr will show you all the properties for sale in your neighborhood of choice.

Take a Virtual Tour

Sellers can now post a virtual tour of their home on the MLS. This also allows a home buyer to take a virtual tour from the comfort of their home or office. This option provides the kind of information that’s needed to make an informed decision about a particular house. 

Make a Digital Offer

A home buying platform like Richr also allows users to make a digital offer right within its interface. With this tool, there’s no more endless texting and/or emailing back and forth with a busy real estate agent who has lots of other people to keep happy as well. 

Simply contact the home seller from within the Richr platform and streamline the entire process. Cutting out the middleman — in this case, it’s the real estate agent — means a saving of effort, time and money during this important offer and acceptance phase. 

Negotiate Directly with Buyers

Another exceptional benefit to using a tool like Richr when purchasing a home is being able to negotiate directly when homes are for sale by owner. This ability gives the home buyer an unparalleled level of control and autonomy. 

Because a real estate agent’s commission depends on the final sale price of a home, they have the motivation to hold out for higher closing prices. That becomes a non-issue when home buyers and sellers can negotiate one-on-one for the betterment of both parties. 

Offer and Acceptance – Commission Remuneration

As mentioned previously, a real estate agent relies greatly on the final selling price of each home they are involved in. The more that price is, the higher the commission they earn. It’s is typical that a real estate agent earns six percent on a home. 

Richr turns this concept of commission remuneration on its head. By using this intuitive and simple interface, a home buyer can receive 100 percent of their buyer’s agent commission as a cash rebate when the home closes. As an example, that’s $15,000 in cash on a $500,000 home sale. This money is then the buyer’s to do with it as they like. 

Offer and Acceptance – Closing Disclosure Timeline

The closing disclosure timeline is often one that is bogged down by waiting for the various parties to get their respective responsibilities completed. In the middle of this process, when completed the traditional way, is the real estate agent. 

Choosing to have limited services representation via Richr means the buyer and seller deal directly with one another. Once a home buyer has pre-approval from their financial institution, there is no need to wait for the real estate agent to get in touch with them regarding the closing. 

Keep Track of Your Transactionduring the Offer and Acceptance process

The beauty in using Richr for the home buying experience extends far beyond saving money on the real estate agent’s commission at the home’s closing. It puts a significant amount of control right in the buyers’ and sellers’ hands — right where it belongs. 

Using the Richr platform means that a home buyer has one, secure place for all their important documents related to the process. Simply by accessing their dashboard, they can follow every transaction from start to finish. A home buyer always knows which part of the process the home purchase is in.

The real estate industry is rapidly changing — for the better. With the innovative technology and streamlined tools that are available today, anyone can become a more astute and empowered home buyer. Now that you know wow to succeed in the Offer and Acceptance process as a for sale by owner, take a tour of Richr and discover how easy the platform is for a home buyer to use. By doing so, you stand to save thousands of dollars when you close on your dream home.