First Time Home Buyer STEP 4: MAKE YOUR OFFER

STEP 4: MAKE YOUR OFFER

•   Return to the Realtor®'s office or stop at a coffee shop to write your offer.  Or you can go back to your top property if there is no one at the home.  But remember that a vacant house will have NO table, NO chairs, and maybe even NO electricity (which means no light after sunset).

•   Tell your agent what appliances or personal property you want to include in your offer, how soon you want to close escrow, and if you have a title/escrow company that you prefer to use.

•   Your Realtor® should call the listing agent for the house you selected.  She will ask questions about the price, terms, escrow and title company preference, inspections and reports available, closing date, if there are any other offers, how to send the offer in, and response time to an offer.  If she puts the phone on speaker phone mode, you can all listen to the listing agent's answers together.

•   Your Realtor® will help you write an offer to purchase your favorite home.  She will help you look at comps and determine the initial offer amount.  She will complete the Offer to Purchase (sales contract) including the sale price, deposit amount, mortgage financing, other terms, and any contingencies.  Your Realtor® will explain which party is responsible for paying which closing costs, based on the customary split for your region.

•   Ask the seller to include 1-year home warranty for the house.  It will give you peace of mind knowing that if anything breaks, you can get it fixed for only the cost of a service call fee.

•   You will need to sign the Offer which will be accompanied by your earnest money deposit (usually $1,000) and your pre-qualification letter. 

SEE ALL OF THE STEPS HERE (click on the links below)

1. PREPARE FOR HOME OWNERSHIP

2. GET READY TO SHOP FOR HOUSES

3. FIND A HOUSE

4. MAKE YOUR OFFER

5. ITEMS COVERED IN PURCHASE CONTRACT

6. NEGOTIATIONS

7. DURING ESCROW

8. CLOSING ESCROW

9. YOUR NEW HOME

Are you ready?  Let's go! Take your first STEP today towards making your DREAM a reality!

Join my new AR group and post your blog at http://activerain.com/groups/virtualoffice

Regina P. Brown
Broker, Realtor®, e-Pro
Author of eBook "Stop Foreclosure Fast: Solutions to Save your House"

Text copyright © 2009 R.P. Brown, All Rights Reserved