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Purchasing A Home, Step by Step and the Definitions you will encounter. Part 5 ...... The OFFER

By
Real Estate Agent with New England Real Estate Center Inc. CT005184

 

        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

 

 

If you are thinking of listing your home for sale give us a call for a FREE MARKET ANALYSIS

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If you interested in buying or selling in Bristol, Plymouth and Norfork counties give us a call, or anywhere in Mass

         For questions regarding your real estate transactions,what step to take next, we are here for you.

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Comments (3)

Mike Cooper, Broker VA,WV
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

Don, this is a great idea.  Sellers, buyers and lookers need to know what the language means when they start considering a real estate change.  Good job!!

Aug 15, 2011 08:02 AM
Joshua Zargari
MJ Decorators Workshop LI staging and home decorating - Lynbrook, NY
MJ Decorators Workshop

Hi Don.

That is a very good idea.

Aug 15, 2011 08:09 AM
Don MacLean
New England Real Estate Center Inc. - Easton, MA
Realtor-Homes for Sale- Easton, Mass 02356

Mike, thanks.  I'm trying to simplify the process and wording for the first timers who may be timid.  Plain English if you will.,...................terms and definitions later lol

Joshua, Thank you sir.  Anything to help

 

                                       Thanks for popping by

Aug 16, 2011 01:36 AM