Purchasing A Home, Step by Step and the Definitions you will encounter. Part 5 ...... The OFFER
O.K. We found the house you wish to purchase now what ?
We make the offer................the what ? the offer and here's what we do.
There is a standard form in the industry that is used. This is the form we fill out to indicated your desire to buy the property.
This will include the price you are offering, Mortgage clause which tells the seller a date when you will obtain your mortgage from the bank and when you plan on closing (taking possession)
It will also include the cancellation of agreement in the event you cannot get a mortgage on the property.
Some of the reasons may include interest rate, appraisal, etc.
Your offer also has a date of acceptance for when your offer must be responded to.
REMEMBER THIS IS ALSO A CONTRACT.
IF ACCEPTED YOU ARE BOUND BY THE TERMS. CONSULT AN ATTORNEY
It is also the time when we list when the property inspections ( all or none which we do not advise) will be done.
PLEASE remember to read all mandatory disclosures that come with the home carefully.................
Your inspections will include pest, home, lead based paint and radon.
This is also the time we get to list any fixtures,appliances and any other items you may want included in the deal.
If you want the chandelier they have and they plan on taking it now is the time to try and negotiate this item. Same goes for the washer and dryer, swing set or anything else you may want OR DON'T.
These items are negotiable but should not be a deal breaker.
Other items to consider are settlement costs. This is where you can ask for the seller to pay a potion of the costs tat are related to the closing on the property.
The offer will be dated and signed and be accompanied by a check. Usually $500- $ 1000 dollars
( which is held by the listing agent and turned over to the brokerage house and held in escrow once your offer is accepted).
Next in the series.......................the negotiations.
If you have any questions about the process or terms not listed please give us a call. The series is a general guideline to make the transaction a smooth and comfortable one.
if you missed any of the series, check them out.
http://localism.com/blog/ma/posts/2421883/Purchasing-A-Home-Step
http://localism.com/blog/ma/posts/2423848/Purchasing-A-Home-Step
http://localism.com/blog/ma/posts/2424894/Purchasing-A-Home-Step
http://localism.com/blog/ma/posts/2428518/Purchasing-A-Home-Step
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