When you have found your “dream home” you are ready to make an offer to purchase.
Your offer will be written, under your directions, to include the items you desire. Offers are written on promulgated contract forms with a fill-in-the-blank format. Paragraph 24 of the contract advises you to seek counsel if you have any legal questions. A Realtor can explain factual information, but cannot give legal advice.
If you enter into a Buyer Representation Agreement, I can advise you and negotiate in your best interest.
If you have a Buyer Representation Agreement, buying a Legacy listing, Legacy may act as an intermediary between you and the seller, with written consent.
In either case, the listing agent is obligated by law to present all offers to the seller, in a timely manner.
If you prefer not to have a Buyer Representation Agreement, do not reveal any of your negotiating “strategies.” By law, Realtors without a Buyer Representation Agreement, do represent the seller; however, all Realtors have an obligation to treat the buyer honestly and fairly.
Prior to writing an offer, you will receive a copy of the Seller’s Disclosure Notice to ascertain the condition of the property as known by the seller.
I can explain financing options available to you and estimate the closing costs you can expect to incur.
Generally, you will be expected to deposit “earnest money” with your offer. Earnest money is a sum of money or other consideration given with an offer to purchase to show the seller your intent to follow through with the purchase. There is no “set” amount for earnest money. It indicates to the seller how earnest the buyer is in making his offer.
When your offer is complete, I will deliver it to the listing agent to be presented to the owner. The earnest money is held and not deposited until there is an accepted contract. If the owner accepts your offer, he signs the offer and the listing agent returns it. The earnest money is deposited at this time. If the owner “counters” to your offer, he states the terms that are acceptable to him and the counter is relayed to you. Negotiations can take hours or, in some cases, days. During negotiations you do not have a “contract” – it is an offer until both buyer and seller agree and sign. While it is an offer, you do not have first option or first priority. The seller can accept another offer without notification to you. Likewise, prior to the seller signing the offer, the buyer can withdraw his offer at anytime.