How To Make An Offer on a Home
You found a house and want to make an offer, how do you go about making an offer? Before you decide on the price, do your homework, which will help you determine what is a fair offer.
At this point, your agent will prepare the Residential Purchase Agreement to make the offer, which will include the price you are willing to pay, the earnest money to accompany the offer, the down payment amount, the financing terms, the closing date, the contingencies and days to remove the contingencies, and the expiration of the offer. As an aside, the purpose of the earnest money lets the seller knows you are serious about the offer. The earnest money is held in an escrow account and applied to your down payment at the time of closing.
Regardless of whether it is a buyer’s market or seller’s market you want the contract to be as clean as possible, by that I mean keep your contingency time frame short, get your inspections done right away. You can ask the seller to fix things, especially if there is something major or of concern.
And keep in mind, you may not be the only one submitting an offer. You may have only one chance to make that offer so if you really want to the house, go with your highest and best.
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