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STEP 5 - MAKE AN OFFER
Now that you and your real estate agent
have found the home you would like to purchase, it's time
to make an offer. Taking into account the recent sales of
homes in that neighborhood which are similar in size, quality,
conveniences, and amenities, what are you willing to pay for
the home? Your real estate agent will consult with you and
advise you on how to create an offer that will have the best
chance of being accepted.
Your agent will ensure that you have everything down in written
form... no verbal agreements. After consulting with your agent
to put your offer in a written contract that meets all the
legal requirements according to local and national guidelines,
your agent will present the seller with a written document
detailing what needs to be done by both parties to execute
the transaction. The contract should protect the best interests
of all parties involved and should be comprehensive in nature.
Your agent will also ensure your financial position as the
buyer by including any necessary contingencies, which would
protect you if a particular requirement were not met. Once
the seller accepts it, it may be too late to make any changes.
The contract, though not limited to this list, should include
the following:
- A legal description of the property
- The offering price
- The down payment
- Financing arrangements
- A list of fees and who will pay them
- Amount of the deposit
- Inspection rights and possible repair allowances
- The method of conveying the title and who will handle the
closing
- A list of appliances and furnishings which will stay with
the home
- The settlement date
- Any relevant contingencies
Remember that the legalities of this phase are very important.
If you have any questions or concerns, they need to be addressed
right away. After all, no one has ever said at their closing,
"I wish I had asked fewer questions."
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Claudia Carroll
10 Steps to
Buying
Step 1
Step 2
Step 3
Step 4
Step 5
Step 6
Step 7
Step 8
Step 9
Step 10
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