Once you’ve decided on the right home for you, it’s time to make an offer! Your real estate agent (That’s Me!!) will walk you through this process in detail, including any applicable laws in your area.
However, there are a few important things to know.
Offers & Contracts
A “verbal offer” is not binding and doesn’t create an enforceable obligation on the part of the seller to sell or on the part of the
buyer to buy. Until you’ve put all material terms of your offer in writing and you’ve signed it, the offer is not binding. Until it’s signed
by the seller, the offer does not bind either party.
However, once the offer is signed, it becomes a binding contract according to its terms, subject to any and all contingencies in the
offer. Make sure you discuss this process with your agent in detail – and never sign anything you don’t understand.
Negotiating the Offer
In days past, “offer low and get a counteroffer” was very common. However, today’s sellers (and their listing agents) are savvier.
While you may be able to offer less than the asking price, a dramatically low offer may not even be considered. Today’s transactions can also move quickly! There may not be time to make multiple offers – so make the most of yours.
When it comes to competing offers, a seller isn’t obligated to offer you a “right of first refusal” or a chance to improve your offer.
This might happen as part of negotiations, but it isn’t required.
Understanding the Offer
Always read an offer and make sure you know what’s in it. This includes making sure any appliances or other such inclusions are listed in the contract.
Just because it’s in the MLS listing or marketing materials doesn’t necessarily mean it is legally part of the offer, so make sure you know what you’re getting by including it in the contract.
A Realtor (That’s me), is here to help you create and review the contracts.
If you don’t understand the terms of the offer, ask your real estate agent to clarify. If you need legal, tax, or other advice, consult
with a professional in that field.