Offer Process


Steps to Making an OfferYour realtor will provide:

  • Recent selling prices of similar homes in the area
  • If the offer is rejected, a second or even third negotiation may take place. If the “minds do not meet” we will begin looking for another home.
  • Ask questions about the home:
    • How long has it been on the market?
    • Why is the home being sold?

**Consider the home’s resale value. This is often the most important point to consider before making an offer.**

When Your Offer is Accepted:

  • The buyer signs the “purchase contract,” which is a legal document and covers all elements of the future purchase such as price, total down payment, closing date, etc.
  • The closing date is when the closing or settlement agreement is signed.
  • The offer states which party (buyer or seller) will pay for which settlement costs and the type of loan applied for.

What the Offer Contains:

  • Offering price
  • Earnest money: part of the down payment to secure the initial agreement
  • Definition of “earnest money” – the buyer is in earnest to buy.
  • Contingencies: Special circumstances such as the date the sale must be completed, or the repairs the seller must make.
  • Items included in the sale such as:       Appliances, window treatments, rugs, flooring, or certain furnishings.
  • Whether or not the Buyer desires a Home Warranty paid for by the Seller.
  • Major Point to Remember: The purchase agreement is conditional. The buyer can cancel if the loan cannot be secured, or if the home has major problems which cannot be corrected before closing.

 

tmcqueen@mainedge.com
Call Terri (405) 250-9343