Guide to Buying a Home
Making an Offer
When you've found a home that you're
interested in, it's time to make an offer. As
your buyer agent, I will draw up a contract with
your offering price and necessary contingencies
into a formal contract.
You will want to review this document carefully
and make sure it states your terms exactly. If
the offer is accepted by a seller, this contract
will become a legally binding agreement.
In addition to an offer contract, you will need
to provide earnest money
as well as a letter from your lender indicating
your qualification to purchase.
Earnest Money typically equals
between 1% to 3% of the property purchase price.
You will not be at risk of losing your earnest
money as long as you do not default on your
contract. The amount will be credited towards
the purchase price of the house at closing.
After you've made your offer, the Seller will be
1. Accept your offer
2. Reject your offer
3. Execute a counter offer
In most cases, a seller will not accept your initial offer
Typical counter offers include modifications to:
• Purchase price
• Closing date
• Possession date
When you make an offer on a house, you should be prepared for
the negotiations to go back and forth several times before both
parties agree to the terms. You might also have to compete with
other interested buyers in certain market conditions.
When an agreement is reached on all issues, and both the seller
and you as the buyer have signed the offer, you are both under a
legally binding contract.
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