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Step 1
Determine the amount of your initial bid. It's fine to set your offer lower than the asking price, but do not set it so low that the seller and agent completely ignore your inquiry. If your bid is considered to be "insulting," you will not be taken seriously as a potential buyer. Just give yourself enough room to negotiate and consider the market price of other homes in the area when making your decision. It's good to have a reasoning behind your bid, such as concerns about the real estate market or items in the home that need repair.
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Step 2
Discuss your proposed bid with your own real estate agent. Take the agent's advice if she says that your offer is too low or too high. Your agent will then call the seller's agent to submit the offer. Call the listing agent directly if you do not yet have a real estate agent of your own.
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Step 3
Wait for a counteroffer from the seller's agent. A counteroffer is basically just the seller's rejection of your initial offer while suggesting a higher price. If you agree with the higher price you can proceed with the sale. You can also send in another offer slightly lower than the counteroffer to see whether the owner will accept that. If it is rejected again but you still want the house, you can then resubmit your bid at the minimum price that the seller would accept.
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Step 4
If your initial or modified offer is accepted, your real estate agent will put together a sales agreement and you will be required to put "earnest" money down (usually about $1,000) to show that you are serious. This agreement should contain contingencies regarding the home sale. For instance, you want the sale and the price offered to be contingent on a successful home inspection.
