How To Make A Successful Offer On A House
Congratulations on making it to this part of the home purchasing process!
You've found a home that you like and are ready to make a home offer on it.
Before you put your offer in writing, make sure you understand what information you should, and should not, include in the home offer.
This article will help you.
The first thing you should do is forget about the myths you've heard about making a home offer. Many people buyers believe that once they've put in an offer on a home, that they still have the liberty to shop around.
While this is true, to some extent, it's in your best interest not to make any additional offers while you still have one on the table.
A home offer made on a piece of property is a legally binding contract. Should the buyer accept your offer, you are held to the offer.
There's another big reason why you shouldn't continue to shop around after you've made a home offer on a house. If you find a home you think you like more than the one you've made an offer on and the seller accepts your home offer, you are in an unfortunate situation. You will likely regret the decision to purchase the home for as long as you live in it.
Once you make a home offer, the seller can do one of several things: accept the offer, reject it, propose a counter offer, or fail to respond. If the seller does anything except accept the offer you still have the ability to continue home shopping.
When you're making an offer on a home there are several piece of information you need to include. The selling price is one of the most obvious. You don't have to offer the seller's asking price. You can go higher or lower as you so choose. Of course, the price you offer will depend on the amount you can afford to pay.
Your home offer should concessions that you wish for the seller to make. For example, if you want the seller to pay a portion of the closing costs, this information must be included in the offer.
You have the ability to stipulate that the home offer is contingent upon certain financing criteria. This keeps you from having to purchase the property if you do not receive favorable mortgage terms.
Don't leave out home inspection contingencies. Otherwise, you could end up purchasing a home that needs major work done to it. Your offer should include something to the effect of "subject to an acceptable whole house inspection report." Of course, if you are purchasing a fixer-upper, these contingencies might vary.
Don't make the assumption that everything you see in the house will be included when you make the final purchase. This includes appliances such as stoves and refrigerators. You must clearly define what is included in the sale.
Finally, you should include the amount of earnest money that you are depositing with the home offer.
Keep in mind that your offer can easily become the sales contract for your home if it is accepted by the seller. Make sure it includes everything you would want the sales contract to include.
Related Tags: mortgage, real estate, invest, terms, buy home, house sale, invest real estate, real estate profit
To download a free real estate investing ebook please visit: http://www.freelandproperty.com/reainvest.htm Your Article Search Directory : Find in Articles
Recent articles in this category:
- 5 Reasons to Buy Jasper Real Estate
Jasper is a small town in North Georgia and it is growing rapidly. Since North Georgia Foreclosures
- Ellijay Real Estate
Ellijay Georgia has always been known for it's outdoor activities and seasonal festivals. Downtown E
- How to Deal With Blocked Drains
A blocked drain is an occurrence that happens eventually to all households. You may have experienced
- The Benefits of Hiring a Plumbing Consultant
Your dream home may not always be brand new, with fresh paint and home essentials. There are certain
- The Worst Mistake You Can Make When You Apply to Rent a Home
A whole new class of people has become renters and potential renters in America during the last thre
- State of Individual Real Estate Markets
Everybody is well aware of the hit that the real estate market has taken over the past three years.
- Thoughts on Avoiding the Landlord Trap
I've heard several people say they would never invest in a multifamily rental property because they
- An Idea to Increase the Bottom Line of Your Investment Property
Are you pretty sure that you've already maximized the income coming from your property? If you've cl
- Finding the Value of a Piece of Investment Real Estate
There is a lot of confusion about how much investment property is really worth. We'll look at three
- Arkansas Land For Sale - Search Engine Optimization and Your Website
If you have Arkansas land for sale and are interested in advertising it on your website I have a few
Most viewed articles in this category:
- How High Did Home Prices Really Go
The U.S. Census Bureau released data on Tuesday that revealed where the nation's hottest markets wer
- New Homeowners Tips for Household Safety
With so many items on their ¡°buying a home¡± checklist, few homeowners take into considerati
- Truth About VA Foreclosures
Many people now days are finding themselves out of work and not being able to make the mortgage paym
- Avoid Rookie Real Estate Investing Mistakes
When Robert Kiyosaki, author of the Rich Dad book series, bought his first property he was, of cours
- Finding The Perfect Roommate On Craigslist
Craigslist, Roommates, and The Concerns Craigslist is "great" when it comes to looking for housing
- The Forgotten Secret To Selling Property - Simple, Quick And Cheap
Why spend big dollars trying to get people to drive a long way to see your house, when your best pro
- Get Amazing Results Selling Real Estate Online
This is the age of the internet. Why not take advantage of the widespread use of the internet to ad
- Dallas Real Estate Information
In the United States, Dallas is considered as the second leading state according to the area. If any
- The Largest Private Equity Indian Real Estate Deal
In the largest private equity deal won by the real estate sector, Morgan Stanley Real Estate has inv
- Fractional Real Estate Ownership
Fractional ownership of vacation ski condos is growing in popularity. Park City Utah a popular ski t