Writing the Offer
Writing an offer is a time consuming and critical step in purchasing your dream home. It will typically take 1 to 2 hours to prepare the documents and then about 1 hour to review them with you. The basic purchase agreement and escrow instructions is about 10 pages long. There are typically another 8 pages of addendums and disclosures. Don't worry. We'll walk you through every step. You won't sign anything unless you are comfortable with every detail!
Here's something to consider. As a general rule, you never want to have the "Sellers Agent" write up your agreement to purchase. The sellers agent is just that. He or she works for the seller. Although they are required by law to be honest and fair in dealing with the buyer, they don't have the best interests of the buyer in mind. They are being paid by the seller to get the maximum amount for the property they can. So, we suggest you don't work with the sellers agent. What do we do if we are representing a buyer who wants to buy one of our listings? In fact, we will contact the managers of our office and have them personally represent the buyer in the buyer's best interest. This is the only way we feel we can fairly and honestly protect both the needs of our sellers and buyers.
Don't rush through the contract. Take the time to read it. You will be required to put up earnest money that is typically about 2-3% of the purchase price. If you don't perform to the terms of the contract you may lose that money! So, ask questions and make sure you understand the details.
It is standard practice to make a purchase offer contingent upon obtaining a mortgage. Because of this contingency, the seller will want the details of your financing plan included in the offer.
Down PaymentIn the purchase offer, we will include the down payment amount you will apply toward the purchase. This will give the seller further evidence of your qualifications to secure a mortgage.
Interest RateWithin the purchase offer, we will provide a safeguard against any dramatic change in interest rates between when the offer is made and when the loan is closed. The offer will not only be contingent upon qualifying for a mortgage, it will also be contingent upon an interest rate within a certain range.
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