Making An Offer On A Home

Time for nervous anticipation.

Making an offer to buy a HomeYou’ve found the home you want, and your shopSDHomes.com Sales Professional says you need to act fast. Yet you want to be as calm and objective as possible.

The expertise of our Sales Professionals can give you at negotiating time is priceless.

Negotiating the Buy

Be prepared for counter offers. Don’t let the pressure get to you. Remain patient, and let your shopSDHomes.com Sales Professional act as your liaison with the seller or the seller’s agent. You may need to be flexible on price, closing date, appliances and repairs.

Contingencies

Most important, the purchase contract contains a professional inspection contingency and getting final loan approval. This provision states that after acceptance of your offer, the Seller should give you at least 17 days to conduct a professional home inspection of the condo  and formal loan approval (boilerplate), check out the associated common areas and review all pertinent disclosures concerning the property . (Time frames on these contingencies are negotiable).

Earnest Money

Once your offer is accepted, be prepared to seal the deal with earnest money. Earnest money is usually a percentage of the home’s purchase price that indicates you’re serious about the purchase and indicates your good faith. It’s generally applied to the purchase price when you complete the purchase, but may be forfeited to the seller if you fail to complete the purchase.

Contact your Sales Associate to determine the amount of earnest money you should be prepared to pay based on your target home price. Many first-time buyers are taken by surprise when it comes to earnest money, especially if they have to make a fast offer. Be sure to discuss with your REALTOR the appropriate amount of earnest money you should be prepared to pay based on the price range of properties you’re looking at

You should have this amount available in your checking account so you can write out an earnest money check on the day you sign your purchase agreement.

 

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