You need to be familiar with the things that must be included in an offer, which may be tricky for some. Purchase offers that are poorly written may reduce your chances of closing the deal with the seller. This can be avoided if you follow some tips on how to prepare a well-written offer.
There are some purchase contracts that are readily available and can be acquired from realtor associations that publish such forms, such as the Arizona Association of Realtors. The AAR have different forms, depending on your needs, such as:
- Real Estate Purchase Contract
- Additional Clause Addendum
- Residential Resale Estate Purchase
- Appraisal Contingency Notice
- Buyer Contingency Addendum
- Counter Offer
- Loan Status Report (LSR)
- Loan Status Update (LSU)
- Purchase Contract for New Home (With Lot)
You need to spell out the price you're offering for the Goodyear real estate. It is advisable to reduce the price compared to the one you really have in mind. This way, if the seller negotiates and asks for a higher price, it will still be within the range of what you're really expecting to pay. If you need some help determining the price, you can ask your real estate agent to assist you. However, do not expect that he/she will be the one who's going to pick the price for you.
It's also important to include the information about the down payment. Make a deposit and specify who'll hold the earnest money; almost anybody will do, except the seller.
Contingencies are important in purchase offers. Never forget to specify them in your offer. These may include, but are not limited to, the following:
- Loan Funding
- Home Inspections
- Roof Inspection
- Pest Inspection
- Sewer Inspection
- Early Occupancy Agreements
- Preliminary Title Report
- Seller Statutory Disclosures
The possession date must also be specified in a purchase offer. There are some cases wherein deals fall through just because of some unjust expectations of both buyers and sellers concerning possession. Stating the date clearly can prevent such conflicts from happening.
Never forget to include your offer's expiration date. There are a number of deals that doesn't go through due to the lack of time given to the seller to respond to the offer. Familiarize yourself with the laws regarding purchase offer expiration.
Specify who'll pay for the fees. Try contacting the listing agent and inquire about this before you start writing the purchase offer to prevent any misunderstandings.
If you follow these simple tips, you'll be able to write a purchase offer well. This can increase your chances of buying the perfect home for you.