location, meeting your needs, and fully inspected—it’s time to make an offer. This means proposing a purchase price, which could be above, below, or at the asking price, depending on market conditions. Verbal agreements don’t count; a formal offer requires legal documentation, such as a Residential Purchase Agreement—another reason why a skilled agent (and in many states, an attorney) is essential. Buying without an agent—especially as a first-time buyer—can lead to costly mistakes or even losing the deal. Real estate laws vary by state and change over time, so even experienced buyers shouldn’t assume the process is the same as before. If you're buying in a different state, expect different rules. Here are key things to know when drafting an offer. The offer: • must conform to local regulations and standards. • must mention the amount being offered as well as the actual asking price. • 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 sale 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.
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