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10 Important Things to Consider in Making an Offer

Home buying has it's difficult parts and one is making an offer. In real estate, offers are not as easy as saying you want to buy the house or I'll get it if you sell it to me at this price. Any verbal offer is not sufficient to prove your commitment. It needs to be in paper.

You to be careful in drawing up an offer. This piece of paper contains all information that will guide the actions of the seller and the buyer. It binds both parties to adhere to the conditions of the sale. One wrong statement may become an advantage of another. Moreover, if conditions are not properly stipulated, you as a buyer might be on the losing end. You may end up being stuck on purchasing a house that has tons of problems. Therefore, it is also important that when drawing the offer, you have to seek help from a lawyer or an experience real estate.

To give you and idea on what it should contain, check out the items below:

1. Write the offer using the right form. Different states have different standards for making a purchase offer. Search for this document and use it.

2. Mention the purchase price and state it in figures. When you make an offer, start with a lowest price that you can pay but the amount should not be close to a low-balled offer. Be reasonable. You also have to indicate the amount of down payment you are willing to shell-out.

3. If you plan to give an earnest money, write it down including the conditions on who will hold it and how it will be used.

4. Make sure to make stipulations about the financial agreements. This includes your mortgage types, interest rates and points.

5. Mention all types of contingencies for mortgage and interest rates, inspections (including the final walk-through), pending sale of previous home, titles and appraisal of property.

6. In purchasing a home, there may be upfront payments that need to be paid (other than the down payment). When you make an offer, it is necessary to specify who will shoulder what fee.

7. Indicate the expiry date of the offer. This is the time that the buyer gives the seller to accept the offer.

8. The date of possession and the moving date should also be clearly stated. Doing so will avoid any confusion as to the exact time the buyer gets hold of the keys to the house and move in. It will also give a heads-up when the seller or the tenant can move out of the house.

9. Permissions to make the final walk-through before the closing date should also be included.

10. Pro-ration of expenses in terms of utilities and property taxes.

It is important that you clearly state what you want to happen in purchasing a property. Disclosing your terms properly would give you a chance to purchase a home as planned.

You also have to know that giving your offer can pave way to negotiations. The seller may give counteroffers too, in case there provisions in that could be a disadvantage to them. Therefore, be prepared of it.

By:Katrina Marie Santes

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