Tips For Making An Offer On A Home

Law Blog

For first-time homebuyers, the process of buying a home might seem confusing. If you have found the home that you want to buy, it is time for you to make your move. Here is a guide to help you understand the next step and what you can do to get the home that you want.

Make an Offer

One of the most important steps of buying a home is making an offer. The offer that you make does not have to be set in stone. It can be conditional. For instance, you can make an offer for a certain amount that is contingent on a favorable home inspection. In your offer, you can choose to modify or cancel your offer if the current owner is unwilling or unable to meet your demands.

The offer that you submit to the current owner must include certain information. In addition to your name and contact information, the offer needs to include:

• The amount you are offering
• Items you want to be included in the sale of the home
• The date you want to take ownership of the home
• A request for the land survey
• The expiration date for the offer

If you are working with a notary, he or she needs to review your offer before it is accepted. The notary can point out any important details you omitted and ensure the language in your offer letter is correct.

Review the Seller's Response

The seller can either accept your offer, counter with a new offer, or reject it altogether. If the seller has accepted, you can move to the next stage of buying a home. If the seller countered with a new offer, you have to decide if you want to accept it or counter with another offer. It is not unusual for several counter-offers to go back and forth before you and the seller decide on a final price and terms.

If the seller has outright rejected your offer, you can find out if the seller is willing to negotiate. If not, you have the choice of meeting the seller's asking price with the conditions outlined by him or her or letting go of the property.

Whether you bought the home you were negotiating for or ended up losing it, the process of making an offer on a home is an invaluable lesson that you can use again in the future. Talk to your notary about things you can possibly do in the future to make the process go smoother next time. For more information, contact a firm such as Flett Manning Moore.

1 December 2014