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How to Bid on a House

3,489 views · Published 9 March 2010 · 1:28 · Indexed 19 October 2026

Channel: Howcast · 2010 · Howto & Style

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Watch more How to Buy a Home videos: http://www.howcast.com/videos/296352-How-to-Bid-on-a-House

You've found the right home in the right location and now you're ready to make an offer. Learn what steps to take to make the home yours.

Step 1: Choose a real estate agent
Select a real estate agent who is willing to accommodate your needs and specializes in brokering the type of property you're looking for.

Step 2: Get prequalified
Get pre-approved for a loan so you'll know exactly what you can afford.

Tip
Be prepared to put down between 5 and 20 percent as a down payment, depending on the type of loan and your credit rating.

Step 3: Research available homes
Use your city's Multiple Listing Service to find and tour available homes. 

Step 4: Select home
Choose the home you want to bid on. Your agent will find comparable sales in the area to determine a good starting bid.

Step 5: Make bid
Determine your bid price. Include your move-in timeline; the deposit, or earnest money amount, you'll pay; inspection and financial contingencies; and items, such as appliances, that you'll want included in the purchase price. 

Step 6: Respond to the counteroffer
Accept or decline any counteroffer the sellers submit. Once the haggling is finished and the contract is signed, a closing date will be set. Get ready to move in! 

Did You Know?
In 2009, one study about 20 percent of American homeowners – about 20 million residences – owed more than their homes were worth.

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