The process of actually drawing up an offer on a home in which you’re interested is a bit complicated. Here are a few basic things that are important to know about making an offer. The offer: • must conform to local regulations and standards; • must mention the amount being offered as well as the actual asking price (doesn’t apply in some states); • must include any terms and conditions on the purchase; • must be drafted and signed; • must be forwarded to the seller through an agent (your buyer’s agent or the seller’s agent); • is not a binding sales contract; • is the buyer’s offer on the house based on its current condition and according to the terms and conditions; • is subject to change if the seller doesn’t agree with your terms; • can be refused if the seller doesn’t accept the amount being offered; • becomes void if the seller makes any changes, and becomes a counteroffer, which you can accept, refuse, or change. Counteroffers are actually quite common, and can go on for a while, back and forth between buyer and seller, until both parties are satisfied (or not, in which case the deal is off). The offer doesn’t actually become a contract until all parties agree to all terms, conditions, and changes — in writing. Here is a list of the most common items that are included in the drawn-up purchase offer:
• Physical address of the property • Legal description of the property 133
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