Make An Offer
You’ve found a home? Congratulations! Now, if you actually want to make it yours, you have to make a successful offer, one that the seller will accept.
Preparing the offer
Realtors are expertly trained and will prepare the offer for you. Here are some terms you’ll see in the offer:
• Buyer or Purchaser – That’s you.
• Seller or Vendor – The present owners.
• Purchase Price – The most important number. Let’s hope the seller goes for it!
• Deposit – A cheque you write to the seller’s broker, who deposits it in a Trust account. This is your way of saying “my offer is serious”. The size of the deposit is up to you.
• Clauses particular to this agreement – Every transaction is unique, and your Realtor may add conditions important to you. Making your offer conditional upon a proper Home Inspection is a good idea.
• Chattels included and fixtures excluded – Be sure you know what is included with the house! The washer and dryer, the microwave, draperies, light fixtures. Don’t leave anything to ‘chance’ because chances are it won’t be there when you move in.
• Irrevocability of the offer – The length of time you give the seller to consider your offer. Usually less than 48 hours.
• Completion Date – The glorious day you take possession! Often 30 to 60 days after signing.
Submitting the offer
You’ve signed on the dotted line and your Realtor has whisked your offer to the seller’s Realtor. This process works best when you don’t meet the seller in person.
The seller can accept your offer – Fantastic, when do you move in?
The seller can reject your offer – it’s not common for an offer to be completely rejected. Your Realtor will likely investigate, to see if there was some sort of misunderstanding.
The seller can ‘sign back’ or counter your offer. The seller wants to alter ‘some part’ of your offer. It’s almost always the price. The seller will cross out the price on your offer and write a higher number. Now it’s your turn to sign back, and see if you can bring that number down. It can feel a bit like a ping-pong match. Emotions can run high, so both sides will be reminded that a little flexibility goes a long way. Good luck!
Comments(2)