If you've made an offer on a home, you probably wonder what comes next in the home-buying process. What are some of the seller's possible responses to your offer, and what happens in each circumstance? Our real estate agents explain what you can expect after you make an offer on a home.

• The Seller's Response
  When you're ready to make an offer on a home, your real estate agent will send a letter of intent to the seller stating your offer. The letter may contain an expiration date for your offer, and you'll generally hear back from the seller's agent with a response within one to three days. Your offer may be accepted or rejected, or the seller may make a counteroffer.
  
  
•  If Your Offer Is Rejected
  Most offers aren't rejected unless there's a reason for it. You may be in a bidding war with other buyers, and the seller may have received a better offer that they're willing to accept. Offers are sometimes rejected because they're so far below what the seller is willing to accept that they don't see a reason to make a counteroffer. They may also be rejected if you ask for too many concessions or if the seller doubts your financial ability to close on the home.
  
  When an offer is rejected, ask your real estate agent to find out why so you can make a stronger offer for either the same house or a different one, which is more common. If, for example, the buyer has concerns about your financial ability to close, you may be able to get prequalified for a mortgage loan to give the seller peace of mind.
  
  
•  If the Seller Makes a Counteroffer
  If the seller proposes a counteroffer, it usually happens for one or more of the following reasons:
  
  Price - The seller wants more money for their home.
  Closing date - The seller needs more time to move out of their home.
  Contingencies - A contingency in your offer may, for example, specify that you need to sell your current home before closing on the seller's home. If this is unacceptable to the seller, they may counter your offer with a definitive timeline.
  
  If you receive a counteroffer, you can accept it, reject it and walk away, or present a counteroffer of your own.
  
  
• If Your Offer Is Accepted
  When your offer is accepted, you usually have three days to make an initial deposit, typically about 3% of the home's purchase price. This deposit is usually applied to the downpayment or closing costs.
  
  Next, you'll have the home professionally inspected and then appraised to make sure there aren't any major issues with it and that its appraisal will be in line with the amount of money the bank will lend you. You'll then secure a mortgage loan. Your lender will need to review your current information, even if you got preapproved for a home loan at the beginning of your house-hunting process. 
  
  After you walk through the home a final time to make sure nothing has changed, you'll sign all the documents, and they'll be returned to your lender. The rest of the down payment will be transferred into an escrow account, and a title will officially transfer ownership of the home from the seller to you.

Ready to buy a new home? Contact us to see North Canton homes for sale or Akron homes for sale. We're ready to help you find a home you love and make sure your home-buying journey goes as quickly as possible.