Making the Offer

You're euphoric! Then tense. You've found "your" home and now you're ready to make an offer. As your professional REALTOR®, my role is to present to the sellers whatever offer you choose to make, at whatever terms you decide.

Should you "low ball"? That's up to you. Some sellers will react with a counter offer; others might dismiss your offer outright and wait to see if you come back with something more in line with what they are asking. In an active market, you may lose out on a home by making a low bid.

Written Offer With Deposit

I will present you offer in writing. To show that your intentions are serious, it is customary to submit the offer with a deposit. If your offer is accepted, your deposit check will be placed in a trust account. If you and the seller are not able to reach an agreement, your deposit will be returned to you.

If the seller counter offers, you may agree to that price, or make your own counter offer. Once you and the seller agree to a price, both sides initialize the final price.

The final contract will specify the terms in the home included or excluded in the sale, as well as any additional provisions either side wants to have as part of the contract. Dates for contingencies such as obtaining financing are also filled in before the contract is signed.

Additional Deposit

Depending upon the price of the home and the size of your down payment, the contract may specify a date when additional monies would be placed into the trust account. Title insurance should then be ordered.

Mortgage contingency - Unless you are an all-cash buyer, as part of your sales contract, you agree to obtain financing within a secure specified period. This period may be extended with the seller's agreement. If you are unable to secure financing the contract becomes null and void.

Inspections - Some inspections are required. Mortgage lenders, for example, will require an inspection for wood-destroying insects. Other inspections may be required by state, county, or local regulation. Your contract also gives you the option to have additional inspections conducted, as indicated in the contract.

Other than those government mandated and the responsibility of the seller, these inspections are paid for by the buyer and must be done within a specified time frame, as indicated in the contract.

What if the Inspections Turn up Problems?

Few homes are perfect. Some problems may be a matter of simple cosmetics; others may be more serious and call for costly repairs. The good news, however, is that in most cases the seller and the buyer are able to come to terms. You and the seller may decide to compromise, with both sharing the costs of repairs, or the seller may pay for any repairs. Or you may decide that the issue is not important enough to risk losing the home.

Final Checklist

You will need to bring to the closing/settlement the following:

- Homeowners insurance policy.
- Certified check for closing costs.
- Your checkbook. Have handy for any incidental costs.

Prior to your closing/settlement date, your attorney or title company will advise you as to how much you will need for closing costs.

Final "walk-through"

The final "walk-through" is typically scheduled within 24 hours of the closing/settlement. I will accompany you on this final inspection, which give you one last opportunity to make sure that the home about to be turned over to you is in the condition that you and the seller mutually agreed to in the sales contract.

Should a problem be apparent, I will contact the seller or the seller's representative to let him or her know what the deficiency is. If the seller accepts responsibility, money for the repairs can be allocated to you at the closing settlement. If the seller does not agree to the repairs, I can act as a go-between to help you and the seller reach a satisfactory compromise so that the closing is not delayed.

At last, the closing/settlement
The day you've been waiting for arrives! At the closing/settlement, the mortgage and other documents are signed, adjustments are made for such things as property taxes, the seller is paid...and you get the title or deed and the keys to your home!