Okay, so you have found the perfect home. It is in an idyllic neighborhood, has a great purchase price, and has all the quirks and features you're looking for. What could be better? Are you ready to put in an offer? Putting in an offer can feel like a big deal. In fact, it is. Writing an offer to a home seller is a binding contract. For that reason, it is important that you understand the process and what you agree to when doing so. Let's take a look at what you should expect when it's time to put an offer in.
It's A Process
The total home-buying process will take a little bit longer than you might think. Writing up the offer letter won't take very long, but the seller may be able to take a day or two before accepting. Before you approach a seller, you need to know a few basic things. How much are you going to offer on the home? Are you going to have any earnest money that you'll need to deposit? Will you be open to negotiations? You can expect that the home-buying process may take 30 days, sometimes more.
The Offer Letter
Rocket Mortgage mentions, "Now that you've come up with an offer amount, it's time to convey that offer to the seller. If you're working with a real estate agent, they'll draw up the offer letter for you." The offer letter is going to contain vital information, including the address of the home, the amount you want to offer, any contingencies, concessions from the seller, closing date, earnest money, etc.
It is a great idea to put in your offer letter that the home purchase is on a contingency basis of what the inspector finds. If you don't have a home inspection, you could wind up with costly repairs that you didn't see coming. We highly recommend that when writing an offer letter, you make it contingent on what the inspection turns up. From there, you can negotiate.
Negotiations on Price And Repairs
When you're ready to negotiate on firestone co homes for sale, one thing you might ask for is repairs. After you've had a home inspection, which we really hope that you do, it might have turned up things that need to get done. You might be able to negotiate those repairs into the purchase price of the home, having the sellers complete them.