The real estate market is hot with low interest rates. Buying a home is a very important financial decision and buyers want to avoid buying a liability. Here are some suggestions on making an offer to purchase a home.
Home Buying Success Begins With a Strong Offer
After you find an affordable home, deciding how to make a strong offer is not as easy as you might think. This guide will help you understand the process of down payments, escrows and counteroffers to help you call the house you want to buy a home.
You will want your offer to be within your budget and realistic, but strong enough to warrant an acceptance, or at a minimum, a counteroffer..
Tips For Making a Strong Offer:
- Know how the offer process works. You need to know what to expect. Your agent will send your offer to the seller and the seller can accept, decline, or counteroffer. If there is a counteroffer, you can decide to accept, decline, or counter as well. There may be more negotiating until an agreement is reached.
- Research properties before you submit an offer. You should try to learn how long the house has been on the market, the physical condition of the property, and the neighbrohood dynamics. Most importantly, you should know the value of the property in the current market. Your agent can help you become aware of the value by reporting the prices of similar homes in the same neighborhood sold within the past six months.
- Choose a starting price that fits your budget, the local market, and the condition of the house. Ask lots of questions.
- Specify the contingencies when making an offer. An offer is made by signing a purchase contract which becomes a binding contract when the seller signs the same contract without making any changes. It is advisable to have contingencies for financing and inspections so you are not bound if you cannot obtain the required mortgage or the property requires too much work to suit your needs.
- Decide how much of a deposit to make. The money you decide on putting down as a deposit will show how serious you are about your offer. Deposits are often between five and ten percent of the purchase price. Your deposit will be put into an escrow account if your offer is accepted. The escrow agent, a neutral third party, will hold the money, so neither you nor the seller can access the money until the deposit is transferred to the seller at closing.
Richard S. Weinstein
Richard S. Weinstein is an experienced real estate attorney and title agent who can help you with all of your real estate transactions. Having legal representation makes good real estate business sense. A competent and experienced attorney will protect your interests.
With over 50 years of experience as an attorney, Richard S. Weinstein assists clients with the important financial situations in their lives. Whether you are dealing with bankruptcy, real estate (both commercial and residential, including short sales, foreclosures, and title insurance), estate planning, probate, business formations, or sales or mergers, Richard S. Weinstein is the attorney with the education, experience, and knowledge you need! Call us at (561) 745-3040 or visit his website at rweinsteinlaw.com.
Law Office of Richard S. Weinstein, P.A.
250 S. Central Blvd. #101
Jupiter, FL 33458
Phone (561) 745-3040
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