Sherry Messsina - Flipbook - Page 59
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 a 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 or earnest money
might be between 1 and 5 percent of the purchase price and is usually held by Title & Escrow.
In both Wyoming and Idaho, a real estate offer typically includes several key components: the proposed purchase price, financing
details (such as loan type and interest rate), desired closing date, and any contingencies - like inspection, appraisal, or financing.
The offer will also outline the property address, specify any included items (such as appliances or fixtures), and detail the amount
and handling of earnest money. Your Engel & Völkers Advisor will walk you through each of these elements to ensure your offer is
strong, clear, and aligned with your goals - giving you the best chance at securing the property.
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 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.
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
59
