- An offer is made on a real estate form called “Residential Contract to Buy and Sell Real Estate.” This is the basic contract form. Here you’ll list the price you want to pay, all the things you want included in the sale such as appliances, ceiling fans, special light fixtures, and so on. We’ll tell the Seller about your financing — what kind of a loan you’re getting (FHA, VA, Conventional, etc.), the interest rate, the monthly payment. The Seller wants to know you’re already on track for the financing of the purchase. You’ll indicate the date by which you’ll tell the Seller the results of the inspection, and the date by which any inspection matters have to be resolved between you and the Seller. Other dates will be set, such as when the Seller has to provide the title commitment, and many other details. You’ll indicate the additional provisions you’re asking from the Seller, such as paying some or all of the closing costs. You’ll set a date on which the sale will close. And, you’ll give the Seller a deadline by which he or she must respond to your offer, usually within 24 hours.
- After calling the listing agent and notifying him/her that an offer will be forthcoming, and asking what I might need to know about the Seller, such as “Are there any other offers coming in?” and/or “Are there any special instructions, such as a predetermined closing date,” and/or “How much time do you need to respond?” I’ll prepare the offer on my computer for your signature. When it’s ready to sign, you’ll write a check, usually for $2,000 to $10,000, (called “earnest money”) to accompany the offer made out to the listing agent or his/her title company, and sign the offer. When all this is completed, I’ll fax a copy of the offer and the check to the listing agent.
Through this entire process of preparing, offering and negotiating the Purchase Offer, I’ll work closely with you to maintain timely responses and provide market savvy answers to questions as they come up.
