How to make an offer on a house you want to buy.
You have found the house you want and you’re working towards making it your home. Making an offer on a home involves a written offer to buy it, including setting the price and adding contingencies.
Details and planning are important. Know what you would like to pay but also think about the most you’re willing to pay and the total pre-approved loan amount. Be specific, and put everything in writing.
Information contain in your offer should include property address, the amount of money you are offering, target closing date, terms of payment (all cash or mortgage loan), amount of earnest money deposit accompanying the offer, target date for closing, and contingencies.
Negotiate a sales price. Negotiating is a standard practice in real estate, and something that your real estate agent will do on your behalf. The advertised price of a house is just a starting point. It’s up to you to decide how much the house is really worth.
Earnest money is a deposit that you give when making an offer on a house. A cash deposit shows good faith by the buyer to the seller on a written offer. The earnest money will become part of your down payment.
The seller will either accept your offer, make a counteroffer with one or more changes, or reject it outright.
Real estate offers almost always contain contingencies in events that must happen within a certain amount of time or else the deal won’t become final. Your offer contingencies should say “this offer is contingent upon a certain event.” Two common contingencies contained in a buy offer: ability for buyer to obtaining mortgage and a satisfactory report by a home inspector.
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