process of purchasing remain the same. Further if you are making a purchase in a different state the rules are surely going to be different. Here are a few basic things that are important to know about drawing up an offer for a home. 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. In this last instance, which is actually quite common during this process, an offer turns into a counteroffer, which can turn into another counteroffer, and on it goes back and forth until both parties are satisfied, or until the buyer moves on and/or the seller refuses to accept the buyer’s deal. The offer doesn’t actually become a contract until all parties agree to all terms, conditions, and changes in writing.
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