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Typically, you will make an offer that the REALTOR® will present to the listing agent or may have the opportunity to present to the seller. The seller, in turn, with his/her REALTOR® may accept the offer, reject the offer, or counter the offer. The initial offer will include a number of important items to be discussed by your REALTOR® - date of offer, full address, sales price, closing date, possession date, earnest money, due diligence date, closing attorney, material relationships, and many more.
While much attention is spent on offering prices, a proposal to buy includes both the price and terms. In some cases, terms can represent thousands of dollars in additional value or costs for buyers. Terms are extremely important and should be carefully reviewed.
Georgia REALTORS®, working with legal counsel, have developed forms that are appropriate for a variety of real estate transactions. These forms are tried and tested to protect the interest of you, the consumer. These documents include numerous sale conditions and their wording should be carefully reviewed to assure that they reflect the terms you want to offer. REALTORS® can explain the general contracting process as well as his or her role.
How Much?
You sometimes hear that the amount of your offer should be “x” percent below the seller's asking price or “y” percent less than you're really willing to pay. In practice, the offer depends on the basic laws of supply and demand. If many buyers are competing for homes, then sellers will likely get full-price offers and sometimes even more. If demand is weak, then offers below the asking price may be in order.
It's important to seek to understand the numbers - have your REALTOR® run an analysis of the community in which you are interested.
How Do You Make An Offer?
Typically you will complete an offer that the REALTOR® will present to the owner and the owner's representative. The owner, in turn, may accept the offer, reject it or make a counter-offer.
The initial offer will include offer price, earnest money, desired closing date, and other stipulations that you feel are necessary.
Because counter-offers are common, it's important for buyers to remain in close contact with your REALTOR® during the negotiation process so that any proposed changes can be quickly reviewed.
How Many Inspections?
A number of inspections can occur with the property you are considering. Speaking with your REALTOR® about all of the options of inspections available is important. From general home inspections, termite inspections, radon inspections, and feasibility studies of land are just a few of the inspections that could take effect when buying a home.
Structural inspections are particularly important. During these examinations, an inspector comes to the property to determine if there are material physical defects and whether expensive repairs and replacements are likely to be required in the next few years. Such inspections for a single-family home often require two or three hours, and buyers should attend. This is an opportunity to examine the property's mechanics and structure, ask questions and learn far more about the property than is possible with an informal walk-through.
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Are you looking to buy or just curious? We've got you covered with an overview of the process. Contact a REALTOR® today for more details.
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