Writing an offer on real estate is not the same as negotiating a deal with a car salesman. Writing an offer isn't just about how much you will pay for a home, there are many other factors to consider. In my 8 years of real estate experience, I can say that not one I have written was the same, and not just because the price was different.
Tips To Write An Offer
The first thing you should do when writing an offer, is request the sellers disclosures. When working with a real estate agent, they will and should do this for you. Once you have the disclosures, you should review them thoroughly. It is state law, at least here in Utah, that a seller must disclose any information about a property, including faults or violations, that will have an impact to affect the buyers decision to buy a home.
You may have looked around the home while previewing to see if you could discern any faults, but a home owner that actually lives in the home will know more about the property. If they know of a fault in the home, they must disclose it honestly to a potential buyer, if they don't, a seller can be open to a lawsuit to obvious problems they may be aware of.
Secondly, you should write into the offer what type of condition the property should be in upon closing. When a seller moves out, you want to be able to move right in, and not have to deal with their leftovers. You will want a clean home with all of the sellers belongings taken with them or sent to the dump. It's also good to have a professional cleaning service clean up the home, and payment for the services should be.
Third, when writing an offer, the more detailed about what's included the better. In our contracts here in Utah, the first section is designed to lay out exactly what is included in the sale of the home including: water rights, washers, dryers, refrigerators, water softeners, microwaves, basketball hoops, ceiling fans, range ovens, window coverings, and more.
The point is, if you think an item is included in a sale, and it doesn't specifically say in the contract it's included, I would recommend adding it to be on the safe side. One thing to watch out for in today's world are those flat screen TV's that are mounted on walls. Just because they are connected doesn't mean you will get the TV, but you may get stuck with the mounting bracket.
Fourth, is your deadlines, in a real estate transaction deadlines and timelines are CRUCIAL. When writing your offer, all real estate contracts have a time clause that will allow a buyer a due diligence period. This time period is designed to give a buyer ample time for property inspections, a proper appraisal, and enough time for loan approval.
When buying a home, your home inspection is your first order of business after your offer has been accepted. After your inspection, you will usually renegotiate the contract terms with the seller. You and the seller will decide what needs to be fixed, who will fix it, and how much each party will pay for the necessary repairs.
If, after your inspections, you still want to purchase the home, the next step is the appraisal. If you are getting financed by a bank, they will order the appraisal for you. If the appraisal comes back, and is satisfactory to the bank for the lending requested, your next step is getting financing.
This is your last chance to get out of a contract with your due diligence clause. If for some reason you are unable to attain financing, you can walk away without any consequence. Sometimes it takes longer then expected to get financing, this has become more prevalent in today's market, but that doesn't mean you won't be able to get the home. If your financing won't be done on time, it's common to extend financing deadlines, which you can do with an addendum to the original contract.
Lastly, you will want a final walk through clause, and most contracts will have a time period prior to closing that is already designated for this. Your final walkthrough is your chance to view the home just before settlement. It gives you, as the buyer, a chance to view the home, inspect repairs that were requested during your inspections, and determine if the house is presented as the contract required at settlement.
If repairs were not done as asked, or there is a problem with the home, in most contracts, the buyer will then gain access to their earnest money to make required repairs. The seller will forfeit the earnest money given when the contract was written, and the buyer can now use these funds to aid in the repairs. If the earnest money is not enough to cover the repairs, at settlement, the buyer can hold in escrow funds to complete the work.
I would recommend using a qualified real estate agent or an attorney to help aid you in writing a real estate purchase contract. Remember, buying a home is probably one of, if not the, largest purchases you will ever make. A real estate agent or an attorney are going to keep you safe, and will look out for your best interests. Happy Buying!
Lisa Udy is a local Logan Utah Real Estate agent who specializes in helping buyers and sellers. If you need help buying Logan Utah Homes for sale, feel free to contact Lisa Udy, and she will work hard to negotiate the best deal for you.
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