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How To Make An Offer To Buy A House?

When I work with home buyers, they often ask me if I can guide them through preparing an offer to purchase a home. Of course! This is a part of my job! Before completing the offer, which is now electronically available, we focus on what the offer includes and what is required to be filled out.

An offer to purchase real estate includes an offered purchase price, deposit amount, proposed closing date, contingencies, and the time frame under which the offer is valid. In Tallahassee the offer is prepared on Contract for Sale and Purchase form. It may be countered on Counter Offer form and becomes a contract after both parties – Buyers and Sellers – have agreed, or come to a “meeting of the minds.” The day when both parties agree on all terms is referred as the Contract Date. Any changes and additional agreements must be signed by both parties on an Addendum form. As members of the Tallahassee Board of Realtors, all real estate agents in Tallahassee use Tallahassee Board of Realtors, Inc forms.

The contingencies are an important part of the offer. Some are already included in the form, such as the financing or the inspection contingency. The Buyer may get his deposit refunded if the sale has to be canceled because he is unable to get a mortgage loan within the stated period of time, or if an inspector reports undesirable problems with the property. More contingencies may be added by an Offeror depending on the situation. One example of a specific term is “contingent upon spouse’s acceptance” in case where a wife or husband cannot see the property before making an offer. When the Buyer makes the purchase of a new home conditional on selling his current house, he may add this condition into the offer as well.

If the purchase is financed by the third party (i.e. a mortgage lender), the appraisal is a mandatory part of buying process. Although all buyers are advised to have an appraisal, a lender requires an appraisal of the home which is serving as collateral for the mortgage.

Another loan requirement, necessary for all Buyers, is free and clear title provided by the Seller. The title search is usually done by an attorney or title company. The offer should include a provision permitting the Buyer to leave the contract without penalty in case the title is not valid legally.

This guidance focused just on some important issues of the offer to purchase residential real estate. All details should be discussed and cleared before signing the offer. I can assist you in preparation a valid offer on your dream house.

Irena Jaroszynska
(850) 386-2001

Discussion

#1 By Joe Manausa, MBA at 7/11/2017 3:44 AM

Nicely done Irena.

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