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Making An Offer On A Home

November 18, 2010

P R O P E R T Y   S E A R C H

R E S T I V O – H E C H T M A N    T E A M

signing-paperworkOnce you’ve found the perfect home, it’s time to make an offer. As your realtors, the Restivo Team will draw up a contract with your offering price and any contingencies you want to include. We will review this document with you before submitting it to the sellers. Once the offer is accepted by the sellers, the contract becomes a legally binding document, so let’s make sure it’s the right home.

In addition to the offer contract, you will need an initial deposit (earnest money-1-3% of the property purchase price) as well as a letter from your lender showing you are qualified to purchase the home. There is no risk at losing the earnest deposit as long as you do not default on your contract. The amount you put down as a deposit will be credited towards the purchase price at closing.

Once you’ve made the offer, the seller will do one of three things-Accept your offer, reject your offer or present us with a counter offer. In most instances, the sellers will not accept your initial offer. Typically, the counter will include something about purchase price, closing date, posession date and/or inclusions to the purchase. Be prepared for negotiations to go back and forth a few times before both parties agree to the right terms. There may also be other buyers interested in the property, which sometimes are in direct competition with your offer.

Once both sides agree and all the paperwork is signed, both parties are both under a legally binding contract for sale and purchase. From here, we will have inspections done and proceed along the road to closing.

Let the Restivo Team help you find the right home for you, and let us do the work for you. Buying a home can seem like an overwhelming process-we will help you from start to finish. Give us a call today or email us here. We are ready to assist you.

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