Engel & Volkers - Suncoast - Flipbook - Page 45
E n g E l & Vö l k E r s | B U Y E r & s E l l E r g U I D E
Making the o昀昀er
Based on your research notes, finances and the properties
you've viewed, you've finally found the home that meets
your criteria. You're ready to make an offer. An offer
includes the price you would like to pay for the home in
question. How much you will offer could depend on
finances, comparative prices of other homes in the market,
as well as private property and appliances to include in the
sale.
The offer also includes an earnest money check or good
faith deposit, which is an amount of money that
demonstrates your commitment to the property. A good
faith deposit is not the same as a down payment, which is
considerably more. The amount of the deposit might be
between one and three percent of the purchase price and is
usually held with the Buyer Agent's brokerage or a third
party which might include an escrow service or title
company. If the transaction is not completed due to no
contingency failure on the part of the buyer, the deposit
should be returned.
Also in the offer are items in the house, including appliances
that would be part of the sale and repairs you would require
the seller to make, prior to the closing. Dates should also be
mentioned in the offer including the closing date and
move-in date. Fees associated with the sale and who will be
responsible for each, should be determined. The offer will
also declare what the consequences would be as a result of
a breach of contract.
contingencies help offer protection on the way toward
finalizing a deal. While a seller could accept a competing
offer without contingencies and a speedier process, you
should consider certain risks. For example, you can ensure
that a contract could be finalized contingent upon receiving
written loan approval, and that you can cover the cost of
the purchase. You can also make the deal contingent on
successful inspection results and the completion of any
major repairs or deductions equal to the value of those
repairs. If you own a home and need to sell it prior to
purchasing a new home, the purchase can be contingent on
the successful sale of your previous home. Deadlines
should be assigned to each contingency.
The closing
This is the process that takes places during a meeting of the
parties involved in which the transaction is completed and
the title of the property is passed from seller to new owner.
Before the closing, the buyer conducts a final walk-through
of the home to make sure that the property is as it was when
you viewed it and that all repairs that may have been
stipulated in the offer have been completed to satisfaction.
During the closing, paperwork that has been prepared by
all parties involved, including the agents, the bank providing
the mortgage, attorneys and title companies, are signed.
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