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Making an Offer
You have found the perfect home! It's now time to prepare an offer to purchase the home. With your REALTOR®, you will discuss the option and contingencies that you would like to have in the offer. Price is always the main issue to both the Buyer and the Seller, but there are many other things you need to consider when preparing your offer.
Some of these include asking for closing costs, warranties, closing date, financing options, and many more. This is were your REALTOR® will be of great value. As REALTORS® we are experienced in the negotiation process. For some, this is the most exciting point in the process of purchasing a home, but for others, this can be the most trying time of all. I have seen many people purchase home far above the market value because of the negotiating process was intimidating and their REALTOR® did not provide the type to expertise that is required by our code of ethics.
The Contract
Once you have successfully negotiated the offer and the Buyer and Seller have both signed the offer, then we have a contract. It is very important to remember that until the time both parties have accepted and signed the offer, that there is nothing that binds either party. The contract sets forth all the stipulations of the sale of the home. Time is of the essence and the Buyer must be prepared to react quickly in finishing the process.
At this point the Buyer must contact the lender to make final application for the loan. The REALTOR® will now send a copy of the contract to your lender for them to review and know the terms of which the loan must be.
Buyer’s remorse is a very real emotion, and many Buyers get caught up in this. One thing to remember is that once you sign the contract there is no getting out. Of course there are contingencies that give you some rights to get out of the contract, never count on these as a way out. You are required to execute the contract and the Seller can sue the Buyer for non-performance if they back out.
Next step in the buying process
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 REALTOR® and REALTOR.com® are registered trademarks of the NATIONAL ASSOCIATION OF REALTORS®. REALTOR® is a federally registered collective membership mark, which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics.
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