Now comes the tricky part - offers and negotiations.
In the Offer Phase, you have found the home you want to purchase, and would like to petition to buy it – this is called the offer.
Since an offer is made via a Contract to Purchase, I highly recommend you check out the "WeVett Contract Series". Our WeVett Educator, Sam, will help you understand the basics of a typical contract. This series can be found on our resources page at the link below.
Some of the terms you might come across in the contract, include:
• Sale’s Price
• Earnest Money
• Inspection Contingency
• Financing Contingency
• Closing Date
• Closing Costs
• Title Company
* These terms may differ depending on your city and state.
Depending upon the market in which you are buying, you might be able to negotiate several of the above with the Seller of the property before you close on the home. Be aware though, if you are buying in a “seller’s market” – it will be more difficult to hold negotiating power because homes are in high demand and many homes might be receiving multiple offers.
Because they have plenty of local, hands-on knowledge, your WeVett agent will be a phenomenal asset for answering questions pertaining to the Contract to Purchase, and they will be able to provide you sound advice on how to approach your offer on a house.
Ultimately, what you decide to offer for a home is up to you, however, your agent should have a good idea whether your offer will be competitive and agreeable to the Seller.
After you settle on the various terms for the offer, your WeVett agent will submit your offer to the Seller for consideration, via the listing agent (or the Seller's real estate agent.) At this point, the Seller will accept, reject, or counter your offer.
Let the negotiations begin!
Disclaimer: The information contained and the opinions expressed in this article are not intended to be construed as investment advice. You should always conduct your own research, due diligence and obtain professional advice before making any investment decision. WeVett, LLC & its members will not be liable for any loss or damage caused by your reliance on information or opinions contained herein.