An offer is the amount a buyer is willing to pay for the property, regardless of the listing price. Buyers typically offer 5 to 10% below asking price. This can be done in the following steps:

  1. A written offer is made.
  2. The seller can accept or make a counteroffer. 
  3. The buyer can accept or continue to negotiate. 
  4. When both parties agree on the price, the offer is considered accepted. 

Read more: What is a Fair Offer Price When Selling a Home?