| Just found the home of your dreams and want | | | | agent. |
| to purchase it? It's time then to write an offer to | | | | Include your financing terms if it's FHA, VA, |
| purchase a real estate property. The process | | | | conventional, contract of sale or assumption of |
| needs careful study, research and should not be | | | | mortgage. You may also include the maximum |
| made in a rush. Remember that your purchase | | | | interest rate if you wish. |
| offer is critical in negotiating a sales contract with | | | | Contingencies are essential as well since these |
| the seller. | | | | serve as your protection should the deal fails to |
| The purchase offer is a very important legal | | | | push through. These written clauses will allow you |
| document that details the price you are going to | | | | to cancel the contract without penalty in case |
| pay for the property as well as several terms | | | | something goes wrong during the negotiation. |
| and conditions such as the mode of payment -- if | | | | Common contingencies include obtaining financing, |
| it's going to be cash or financed by a lender, the | | | | property appraisals and inspections done by |
| down payment, the inspections to be conducted, | | | | professionals to ensure that they pass your |
| timeframe, what personal property will be | | | | standards and that the property you are buying is |
| included, the closing costs and who will pay for | | | | in good condition. |
| them, terms of cancellation, any repairs you want | | | | Be specific about dates and timeframes. The |
| done, the date of closing and possessing the | | | | expiration date of the offer should be stipulated |
| property and other contingencies. | | | | and the seller should be given enough time to |
| In writing the offer, your aim is to get what you | | | | respond to the offer. Both the buyer and the |
| want but it's also best if you put yourself in the | | | | seller have to agree on the closing date. For more |
| shoes of the seller. Anticipating the seller's | | | | information on purchase offer expiration, check |
| reactions will give you a better perspective in | | | | your state contract laws. |
| deciding what conditions to consider in your offer. | | | | The date of possession of property by the buyer |
| Be sure that you use the proper form as each | | | | should be clearly stated to avoid confusion and |
| state has its own laws on real estate. | | | | other problems. Will it be on the day of closing or |
| One of the most important considerations in | | | | a day after or two to three days after closing? |
| writing the offer is your purchase price. Be | | | | The buyer and the seller have to agree on the |
| specific and realistic about your price. If you know | | | | date of occupancy. But normally, a seller is given |
| that there are multiple offers, consider offering a | | | | up to three days to move out of the house and |
| higher price or making a big down payment to get | | | | turn over the keys and possession to the new |
| the seller's nod. | | | | owner. |
| Making a reasonable initial deposit or down | | | | Stipulate in your purchase offer as to who will |
| payment is also vital in a purchase offer. You can | | | | pay the necessary fees like title, escrow, county |
| pay in cash, personal check, cashier's check or by | | | | or city transfer taxes and closing costs. These |
| using a personal property, real property, | | | | fees may be shouldered by the seller or the |
| mortgage or promissory notes. Specify the | | | | buyer or split by both. If you're not sure about |
| person who will keep the deposit. Normally, it's a | | | | the custom in your area, consult a real estate |
| third party like the seller's attorney or the buyer's | | | | agent or lawyer before you write this portion. |