After years of trying unsuccessfully to list my home on my own, I finally realized that I needed some serious help. I began looking for a great real estate agent who could help me out, and after interviewing a few professionals I found someone that was really in tune with what I needed. They sat down with me to talk about my needs and worked hard to help me to identify different homes that could work for my family. I wanted to make a blog all about selecting the perfect agent to work with during your house hunt. Check out this blog for great tips on choosing agents.
When you purchase a house, one of the steps you must take is writing up an offer for the house. The offer you write up is a legal agreement that states what you are willing to pay for the house, but that is not all. The offer may also contain requests you are making to the seller. When you write up the offer, you will want to make sure it protects you, and here are the top elements the offer should contain.
The Amount You Are Offering to Pay
The most important thing you must include on your offer is the amount you are willing to pay for the house. The amount you offer should be the price you are willing to pay for the house. The seller does not have to agree to this amount, but it is often the starting point for the negotiations when buying a house.
The Contingencies You Are Placing on It
The second element of a good offer is contingencies. A contingency states that you will buy the house if the owner agrees to something. You can add one or more contingencies to your offer, and you should think carefully about these as you write it up. For example, you could ask the seller to pay a certain amount of your closing costs. This would be considered a contingency. Another example of a contingency would be asking the seller to fix a broken sink in the house. You can ask for anything you would like, and each request is written up in the form of a contingency.
The Legal Information
The offer should also state the legal address and property description of the house. This is done simply to avoid problems with the offer later on. Your real estate agent will help you include all the necessary legal information needed for your offer.
The Amount of Earnest Money You Are Putting Down
The other element you should include in your offer is the amount of earnest money you are putting down with your offer. Earnest money is a down payment, but it will not be your total down payment. If the deal falls through, you may be able to get this money back. If the deal goes through, it will reduce the amount you need to come up with for your down payment.
These are four important elements of a good offer that will protect you. If you have questions about making an offer, talk to your real estate agent.