purchasing a specific property.
“Making an offer” essentially means proposing a price to buy the 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 and in many states an Attorney. If you choose to work without an agent, especially if you’re a first-time home buyer, you can put yourself at risk of making expensive mistakes, or even the losing the deal. Further, keep in mind that real estate laws and requirements can change over time and do vary from state to state. For second- or third-time home buyers: You can't assume that because you bought a home several years ago (even if it is in the same area) that the rules and the 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. The process of actually drawing up an offer for 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 sale contract. 14
Powered by FlippingBook