Making an Offer
Once you find the “Dream Home” you will want to make an offer to purchase it. Along with making the offer you will need to bring in an earnest money deposit (deposit). Our office deposits and holds the money in an escrow account until you either come to terms or not. Your deposit will be returned to you if you do not come to terms with the Seller.
Before you make an offer we will do a search on the property you have chosen for comparable closed sales and give you an opinion of value.
We will prepare a “Contract for Purchase” and any addendums if necessary.
An “Contract for Purchase” is not a binding contract. When first submitted an offer is not binding. The offer states what you are willing to purchase the property for and lays out the terms to close the transaction. We present the offer to the Sellers Agent. The Seller Agent presents the offer to their Seller.
The Seller can do one of four things:
- They can accept the offer and terms as presented.
- They can reject the offer because it is too low or they do not like the terms.
- They can counter the offer with their sale price and terms.
- They can request your highest and best (if more then one buyer has made an offer at the same time)(multiple offers).
The seller accepting your offer price and terms will turn the offer into a contract. If the Seller accepts your offer then both sides have to abide by the contract. At that time the “Escrow” you placed on the offer becomes binding. It will not be returned to you unless the Seller agrees.
After you come to terms with the Seller the transaction is turned over to a title company…