Making the offer
You’ve searched until you found the perfect house! Congratulations – you’re ready to “Make A Purchase Offer!” There are several things that you should know before you put your terms in writing and sign it. One of the first things is that what you’re about to do is sign a legally binding contract. It is important not to offer anything you upon which you can’t deliver. That being said, it doesn’t have to be a daunting task. It can really be very exciting!
(Let’s just go on record here and state that nothing in this post is intended as any semblance of legal advice and should not be construed as such.)
Listen to your Real Estate Agent. He or she will be able to help you make a reasonable offer that is potentially more likely to be accepted. It’s their job to help you through the stages of home purchasing. Let them.
It’s important that you have a clear understanding of what can be put in your offer. For instance, you’ll want to make sure you give the seller a fair price, financing terms and any contingencies regarding selling an existing home. Clearly lay out who will pay for which closing costs (often in Michigan, the Seller pays the closing cost bill) as well as the date by which the actual closing will take place.
You’ll also want to add which fixtures and appliances you want to keep. If the Seller has home furnishings that you’d like, it is not out of the ordinary for a buyer to request specific items. Just understand that a Seller can turn down an offer for a myriad of reasons too. Let your Real Estate Agent help you navigate this concept. He or she can talk with the Sellers Real Estate Agent to get a feel for the Seller’s mood regarding those kinds of requests.
Be Prepared To Negotiate
Keep in mind, this phase of the process is called “a purchase offer.” It can be a jumping off point. It’s possible the Seller will not like your first proposal. It’s also possible the Seller will have received an offer they like better than yours. In the case that the seller is willing to entertain making a counter-offer, you will have an opportunity to negotiate the terms. Virtually anything in your offer can be removed or changed, provided both parties agree. Just understand that dickering may not be worth it. Don’t get so caught up in the excitement of the deal that you lose sight of the long term. In the end, it may be better to keep searching for a home than to give in on offer items that are just not in your best interest.