In a 10-page contract, there are quite a few terms and conditions to cover with a buyer when they're writing one with the agent, or with sellers when they receive one from an interested buyer. If using a Realtor as yo ur agent, then you should be using the standards forms with the California Association of Realtors logo imprinted at the top and which are used statewide in residential transactions (logo at right). This post won't answer all questions, by the way, your own case will be individual to your concerns and interests.

  • Expect to take some time meeting with your agent the day you make an offer. It's pretty hard to do in five minutes (as I've had some people actually expect). You need to understand buyer contingencies; you should have already contacted a loan officer and bring a letter or certificate or pre-approval with you to the meeting; and be prepared to write a check for the deposit money which will be held in trust by your agent until submission to escrow.
  • The Loan: While funding the loan could remain a contingency throughout the escrow (it's negotiable with the seller), obtaining your down payment and costs of the loan is not, and the contract says "buyer shall act in good faith to obtain the designated loans"--which means that even if one source in this volatile market may no longer be able to help you, you have to do your very best to find another loan in order to honor your agreement with the sellers. After all, you said you would buy the house from them, they've made their arrangement to move on, they may be in contract themselves with another purchase they worked hard to find and negotiate, and they're counting on you to perform. See more
 
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1 Comments on Making An Offer on a California Home

This is some information that should be valuable to a buyer.  Thanks for the post.

04/24/2008 01:40 AM by Rosemary Brooks -Mother & Daughter (866)-750-8282 (Family Realty Group - 866-750-8282)

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Real Estate Agent: Julia Huntsman, Broker Associate, e-PRO (All California Brokerage, Inc.)
Julia Huntsman, Broker Associate, e-PRO
Long Beach, CA
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All California Brokerage, Inc.

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