Once you have selected the home you wish to purchase you will need to prepare a written Offer to Purchase Agreement that will be presented to the seller. The purchase agreement includes the price you are offering, amount of down payment, amount of earnest money, the terms you desire and the date of closing. These terms include the type of financing, possession date, and any other conditions you need. After the purchase agreement has been prepared by your Preferred Properties Buyer’s agent, you will need to carefully read the agreement and make sure you understand everything it contains. This is an important step because whatever is listed on the agreement is what will be presented to the seller so it should not reflect any terms you cannot fulfill. Do not assume anything can be changed or added at a later date.
Once you have completed and signed the purchase agreement, your Preferred Properties agent will present your offer to the seller’s Listing Agent. The seller will then have three options:
- accept the offer as presented;
- reject the offer; or
- prepare a counter offer to submit to you
If a counter offer is presented to you, it will outline the terms and conditions the seller desires. Maybe the price you offered was not acceptable or maybe the possession date you requested is not convenient for them. Whatever the case, your Preferred Properties agent will work with you to negotiate an agreement in the areas where you and the seller differ. After an acceptable offer has been agreed upon, both parties sign the agreement and it becomes a binding contract. Your next step, as a buyer will be to obtain financial approval, if you haven’t already done so and then prepare for closing. Your Preferred Properties agent will work closely with you to coordinate the details required to complete the closing.
Contact a Preferred Properties agent to learn more: