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Your First Home: Step 5-Make an Offer


That house you just walked through was perfect. In some ways you were compromising with it, but it hit all the major points and in that corner the L shaped couch is going to be placed. And think of all those boxes you are going to have to get. But before we start talking boxes, we need to put an offer.

When writing an offer, make it a strong one. Also remember, you were thinking with your heart before-think with your head now. An offer can be broken down into three things: Price, Terms, and Contingencies. In terms of price, your agent will know if it is priced well or you should be offering more based on comparables (comps). Defer to their knowledge as they are the market expert. Terms, decide what details of the transaction you would like to handle: when the deal closes, does anything stay in the house, who pays closing costs. Use this to create a win-win situation for both you the buyer and them the seller. Lastly contingencies, there are five standard contingency clauses in a real estate contract-financing, inspections, clear title, condition at delivery, and community restrictions. The purpose of an contingency is to offer you a way out if the house has a problem you were not aware of when you went under contract.

Some offers get accepted without any negotiations, and others need negotiations to get to a reached agreement. If the sellers want to negotiate, they will write a counteroffer. You can accept their counteroffer-or counter their counter. When an agreement has been reached, you as the buyer will deposit an earnest money check into an escrow account. Escrow will hold the deposit until closing day. Whats next you ask, to remove all contingencies and close the deal.

Join us next week as we do our due diligence and remove contingencies!

Orange, CA-TRREG DRE#01843673-RP100 DRE#02059058-P:714-831-1800-E:info@theresultsrealestategroup.com-W:www.theresultsrealestategroup.com-Facebook - Twitter - Instagram - LinkedIn
Reference: Your First Home by Gary Keller

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Location: Orange, CA, USA

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