How to Make an Offer on a House
- 1). Look over the pre-printed purchasing contract that your real estate agent will provide you with. This form will include all the necessary elements of putting an offer on a house. With the help of your real estate agent, you will customize this offer to suit your own preferences.
- 2). Decide on a price. The asking price is a starting point. Do not be afraid to offer a lower price; this is something the seller is expecting particularly if there is not a lot of interest being shown in the house by other potential buyers. On rare occasions, you may find yourself needing to match or go HIGHER than the asking price if the house is in hot demand and you wish to ensure that you are able to purchase the home. Know before you get to the bargaining table what your highest offer can realistically be.
- 3). Include any concessions - things you wish the seller to take financial responsibility for such as closing costs (in full or in part), inspections, etc. Whatever is not included here is assumed to be your financial responsibility should the offer on the house be accepted.
- 4). List items that are not physically a part of the house which you wish to be included in the sale of the home. For instance, you may prefer that the appliances stay. Or maybe you and the seller discussed something such as a tractor being included in your farm house. Never assume, include these things in your - legally binding - offer on the house.
- 5). Cover the outcome of any inspections, especially if they were ordered but not yet reported back to you. If you wish to base the offer on a house upon a positive inspection of the home, state as such in your offer.
- 6). State how long the seller has to respond to your offer. They can respond at any time but the offer on the house is only legally binding for the period of time you set in this section of the offer.
- 7). Place a respectable amount of money down as a deposit. This is called earnest money. Your real estate agent will place this in escrow on your behalf. It is returned to you if the seller refuses your offer but it is kept by the seller if you do not honor the offer you are making when you make the offer on the home.
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