Making an Offer
When you have found a home you would like to make an offer on, it is important to consider several elements of the offer. Offers must be in writing and signed and dated by all buyers. It is important to realize that unless you are specifically working with a buyer’s agent, the sales agent is working for the seller. The seller’s agent is working to get the best price for the seller and will report your offer to the seller.
Your offer will include the following:
- The price you are agreeing to pay for the property
- An expiration date and time by which the seller must respond by (if the offer expires, it is not accepted)
- Amount of deposit to bind the offer (normally $1,000.00 check)
- Date of the Purchase & Sale Agreement (this is a more comprehensive legal document which spells out additional terms of the sale).
- The deposit amount to be paid at the time of the Purchase & Sale Agreement and to be put into escrow until closing.
- Closing date at which time you take ownership.
- Any contingencies such as those regarding mortgage financing, home inspection, review of property or condominium documents and/or budget by buyer and/or buyer’s attorney.
- Any desired changes or improvements to be made to the property prior to closing.
- A list of any items to be included or excluded from the sale.
Knowing what to offer:
In addition to extensive knowledge of the current real estate market in general, as well as specific neighborhoods, we also have access to an enormous amount of information regarding recent sales of comparable properties in the neighborhood you are interested in, and can help you to determine the best price to offer on a particular property.
The seller may accept the offer as proposed, counter-offer with modified price, terms and/or conditions, or reject the offer outright and return your deposit. If the seller counter-offers, negotiations will continue until both buyer and seller come to agreeable terms. If agreeable terms are not met, the deposit will be returned.
Paperwork included in an offer consists of:
- Offer To Purchase Real Estate
- Offer to Purchase Contingency Addendum
- Condominium Document Addendum
- MA Mandatory License Consumer Relationship Disclosure
- Property Transfer Lead Paint Notification
- Home Inspectors Facts for Consumers