Buying · Real Estate · Uncategorized

What Happens To Your Offer

Imagine you’ve been looking at homes for a month now, seen a wide variety of properties, and you’re ready to take action. What’s the next step?

Once you’ve made your decision, you must make a written offer to purchase, a statement of your intentions to buy the home based on certain terms and conditions, at a specified price. Here’s how it works.

An “offer to purchase” is a unilateral document that is not binding until accepted by the sellers. You may withdraw your offer at any time prior to written acceptance by the sell- ers and delivery of the accepted document back to you.

An “offer” defines four primary points: 1) purchase price, 2) terms under which you will make payment, 3) date of possession, and 4) a “closing” date when the transaction will be completed. You may also spell out other terms of your purchase, such as a due diligence period for inspections and repairs.

Sometimes, the offer is not acceptable to the sellers. They may make changes in the offer, and make a “counter-offer,” which would then require acceptance by the purchasers.

Once all parties have signed, indicating their accord, the document becomes a binding “agreement of sale.” From then on, the agreement is carried out by all parties to reach a successful conclusion. Congratulations are in order!