Step 5 - Make an Offer

You and your Realtor have found the home you would like to purchase, and it's time to make an offer. Always take into account the recent sales of homes in that neighborhood which are similar in size, quality, conveniences, and amenities, what are you willing to pay for the home? Your Realtor will consult with you and advise you on how to create an offer that will have the best chance of being accepted.

Your Realtor will ensure that you have everything down in proper written form... no verbal agreements. After consulting with your Realtor to put your offer in a written contract that meets all the legal requirements according to local and national guidelines, your Realtor will present the seller ( and their Realtor) with a written document detailing what needs to be done by both parties to execute the transaction. The contract should protect the best interests of all parties involved and should be comprehensive in nature. Your Realtor will also ensure your financial position as the buyer by including any necessary contingencies, which would protect you if a particular requirement were not met. Once the seller accepts it, it may be too late to make any changes.
The contract, though not limited to this list, should include the following:
· A legal description of the property
· The offering price
· Financing arrangements
· A list of fees and who will pay them
· Amount of the deposit
· Inspection rights and possible repair allowances
· The method of conveying the title and who will handle the closing
· A list of appliances and furnishings which will stay with the home
· The settlement date
· Any relevant contingencies (home sales contingency; rebates, etc.)
Most important is to remember that the offer to purchase should have a beginning date and an ending date. Remember that the legalities of this phase are very important. If you have any questions or concerns, they need to be addressed right away. After all, no one has ever said at their closing, "I wish I had asked fewer questions."

 

 

 

 

2004 ChrisCosco.com . All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. Questions and comments should be sent to ChrisCosco.com