- BUYING RESOURCES -

Making an offer






Our step-by-step instructions along the way allow you to smoothly 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 on how that estimate was reached. Other features like the home inspection provide transparency so there aren’t any surprises.

Knowing this information helps you safely make an offer.

The offer isn't just the sale price, though. You'll need to know what size escrow deposit you'll make, the mortgage details and down payment, and timeline.

We'll discuss these more below.


TALK TO YOUR LENDER FIRST

Before making an offer, discuss the details with your mortgage provider. They can help with 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 is what you'll see when making your offer.


ENTER YOUR PERSONAL INFO

This is your basic info like name, address, etc.


ENTER YOUR OFFER DETAILS

This is the financial part of the offer
  • Offer price
  • Escrow deposit amount

    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.

  • Financing type (mortgage or cash)
  • Mortgage details
    • Type - Conventional, FHA, VA, Other
    • Rate - Fixed or adjustable
    • Length - 30 or 15 years
    • Down payment
  • Proposed timeline (closing date, etc)
    • Date to accept offer (usually 3 business days)
    • Days to begin mortgage application (usually 5)
    • Days for mortgage approval (usually 30-45)
    • Days to conduct an inspection (usually 15)
    • Closing date (usually within 45-60 days)

Making an offer on a home 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.


MAKING AN
OFFER


REVIEW THE DISCLOSURES

These disclosures were displayed in the home's listing page and you'll be asked to acknowledge that you've seen them. Common disclosures include:
  • Seller disclosure
  • Condo rider
  • Lead paint disclosure
  • HOA disclosure
  • etc.

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:


PURCHASE
CONTRACT
GUIDE


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 may also be referred to as:
   - Escrow deposit
   - Binder deposit
   - Good faith deposit

Earnest money is the deposit you make with your offer. 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, which will be paid to a neutral title company.

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%. Serious buyers in a hot market may wish to make a larger deposit to show their interest. We've seen anywhere up to 10% of the purchase price.






ADDITIONAL RESOURCES





- COUNTER OFFER -


Sellers often reject a first offer. It’s also very common for them to make a counter offer. With YELLOW, the buyer and seller can easily negotiate back and forth until an agreement is reached or someone walks away.

YELLOW offers our estimate on the home price and other features to provide transparency, helping to take the stress out of the negotiation process.





- OFFER ACCEPTED -


Once the seller accepts your offer, you'll be instructed to digitally sign the contract. It will then be returned to the seller for their signature.

Now you're under contract. Take a minute to celebrate!


BUT DON'T GET TOO EXCITED

You're entering the pre-closing phase and the real work is just getting started.

The lender and title company will start on your mortgage, the title and paperwork, any other inspections, appraisals, and anything else built into your purchase agreement. This is a very important time for a buyer and a lot will be asked of you.

Check out the PRE-CLOSING page in the next section for more info on what to expect.








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