property, and depending on the seller, the listing agent, your own agent, and the current housing market, that proposal could be equal to, less than, or more than the asking price. Further, a “spoken deal” means nothing; many legal requirements and written documents, such as the Residential Purchase Agreement, are involved in officially making an offer on a home, and this is another area where you truly need the expertise of a good real estate agent. If you choose to work without an agent, especially if you’re a first- time home buyer, you put yourself at risk of making expensive mistakes, or even screwing up the entire deal. Further, keep in mind that real estate laws and requirements can vary from state to state and can change over time. Keep yourself abreast of all new home-buying and housing market information applicable to your area. For second- or third-time home buyers: Don’t assume that because you bought a home in Oregon two years ago that you know the rules or conditions in North Carolina. 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; • 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;
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