Step
5- Make an Offer on the Home
Now that you and your real estate
agent have found the home you would like to purchase, it's time
to make an offer. Taking 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
real estate agent will consult with you and advise you on how
to create an offer that will have the best chance of being accepted.
Your agent will ensure that you have
everything down in written form... no verbal agreements. After
consulting with your agent to put your offer in a written contract
that meets all the legal requirements according to local and national
guidelines, your agent will present the seller 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 agent 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
- · The down payment
- · 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
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." |
