TIME TO MAKE AN OFFER ON THE HOUSE FOR SALE THAT YOU HAVE FOUND

By
Real Estate Agent with Century 21 New Millennium MD

YOU FOUND the perfect HOUSE FOR SALE what's next in the home buying process.

YOU have previously reviewed your financial information and obtained your Preapproval Letter from your Loan Officer.

And YOU have chosen your Buyer's Agent.

Now it's TIME TO MAKE AN OFFER ON THE HOUSE FOR SALE THAT YOU HAVE FOUND.

There are documents YOU can review before making an OFFER.  They may include:  a plat of the property, a Disclosure/Disclaimer Document, zoning information, etc.

But how much do YOU OFFER and what concessions do YOU include?

Your Buyer's Agent can give YOU some guide lines.  By completing a Comparative Market Analysis, CMA, your Real Estate Agent can provide you with a price range, for THE HOUSE YOU HAVE FOUND, using comparable sold houses, active properties and possibly pending sales or expired properties. 

However YOU make the final decision concerning the price you want to OFFER.

YOU also need to decide how much YOU will ask the Seller to contribute towards Closing Costs, this is part of your OFFER.

Your OFFER will be written in contract form.  You will include concessions and/or contingencies such as Home Inspections, Home Warranty, selling your house, included/excluded property items, Settlement date, etc.

Your OFFER will include an Earnest Money Deposit.  Again this amount is your choice.  You might consider a deposit of 1-3% of the Sales Price.  YOU want to let the Seller know your OFFER is serious, the amount of your deposit will help reflect this.

Along with your deposit YOU will attach your Preapproval Letter, letting the Seller know that YOU are a prepared Buyer.

All Buyers must be listed on this document and must initial and sign the pages appropriately.

Now YOU are ready for your Real Estate Agent to deliver your OFFER to the Listing Agent representing the Seller.

The Seller will review everything in your OFFER document and accept it by initialing and signing the document. OR make a counter OFFER by making changes that YOU will have to review.

YOU will have a RATIFIED CONTRACT when all parties have agreed on, signed and initialed all items in the contract.

I am Margaret C. Taylor REALTOR® sharing information and events in St Mary's MD.

I am qualified to help YOU buy your next home. YOU need a Buyer's Agent to represent YOU.

ASK A QUESTION HERE RealEstate@MargaretC.com

CALL or TEXT 301 481 8407 for a FREE Consultation

I am a Century 21 New Millennium Real Estate Agent. Ask for MARGARET C.

I welcome your REFERRALS.

This blog is for informational purposes only and is not intended as legal or tax advice. An Attorney, CPA or other specialist should be consulted for specific needs.

  TIME TO MAKE AN OFFER ON THE HOUSE FOR SALE THAT YOU HAVE FOUND

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Disclaimer for Short Sales and loan modifications IMPORTANT NOTICE  Your lender may not agree to change your loan and/or agree to a Short Sale.  If you stop paying your mortgage you could lose your home and damage your credit.  Seek legal and financial counsel.

Comments (1)

Edward & Celia Maddox
The Celtic Connection Realty - Queen Creek, AZ
EXPERIENCE & INTEGRITY - WE TAKE THE HIGH ROAD

It is almost inevitable, they love the home, but have to see a few more homes just in case.....they end up losing the one they really liked to another buyer.  Lesson learned the hard way...don't hesitate.

Mar 09, 2011 01:48 AM