Over the next 12 weeks, this blog will focus in on the many parts of purchasing a home. We know that purchasing a home—whether it be your first or your fifteenth—can be stressful and confusing.
But it doesn’t have to be! We help people buy homes all the time! This series explores and explains the typical roadmap to purchasing a home. Some steps are more cumbersome than others, but if you know what to expect you won’t be taken off guard if (and when!) complications arise!
For the fourth part of this series, we'll be covering the process of putting an offer down.
Submitting an offer is the first step in going under contract with your new home. In short, this contract lays out the
- purchase price
- date of closing
- the seller’s contributions toward closing
- the amount of earnest money deposit accompanying the offer*
- and timeline on the offer.
- state-specific requirements
The offer is written by your agent, who has the expertise and resources to write a compelling, complete offer. It’s important to choose an agent with great attention to detail (and—cough cough—we may have an excellent transaction coordinator who can do just that).
Negotiations can take hours or days to finalize depending on your situation, and of course the responsiveness of the seller. No matter your timeline, our agents are here to make the process as breezy as possible.
Working with an agent is a good idea because they’ll make sure that all the complicated forms are filled out correctly, that the offer price is competitive but not too low, and that all contingencies are noted. Contingencies are clauses that state that you will only go through with the purchase only if these things occur.
Additionally, realtors have access to files that are always up to date. Were you to put an offer down as an individual, you’re liable to use an outdated form, which would invalidate your offer no matter how good it is.
Can you take back an offer? Yes, but only as long as the offer has not yet been accepted. If you’re thinking about retracting your offer, make sure that you speak with a real estate lawyer (which—cough cough—we may be able to connect you with a few.
Next time, we’ll discuss binding contracts—what they are and how to get one. In the mean time, give us a call if you’re ready to start your home purchase journey!
*for more on due diligence, see our previous blog post on associated costs.
The Better Buyer Series
- Searching for a Home
- Costs Associated with Buying a Home
- Putting an Offer on a Home
- Binding Contracts
- Due Diligence
- Finance Contingency Period
- Things to Remember (Credit Bureau Scoring, Making the Mortgage Process Easier, etc)