Making An Offer

MAKING AN OFFER

Buying a home may be the largest single purchase you will ever make. Such a major step requires exceptional care and planning. As the prospective buyer, you and the seller will be entering into a series of legally binding contracts, such as a Purchase & Sales Agreement. To avoid any potential misunderstandings over contractual liabilities and ownership issues when purchasing a home, the safest and most cost effective course you can take to protect your

investment is to seek well- qualified professionals to guide you through the contractual process. Listed below are a few points you may want to consider when making an offer on a home.

What do I need to consider when making an offer on a home?

As a home buyer you will need to understand your contractual liabilities and obligations when making an offer on a home. You should pay particular attention to the terms and conditions written in the Purchase & Sales Agreement. By signing a Purchase & Sales Agreement you are entering into a legally binding contract. If you do not live up to your part of the agreement, you may forfeit part or all of your deposit and could be subject to additional financial costs.

What is the Purchase and Sales Agreement?

A Purchase and Sales Agreement (P&S) is a written offer explaining your terms and conditions for purchasing a property. The P&S spells out a basic description of the property, the terms and conditions of the sale, and a projected date or time frame for the closing. Typically, the real estate agent will offer a standard P&S form to which any special conditions may be added, such as specific appliances you want included in the purchase price. It is highly recommended that a contingency for a satisfactory home inspection be included. Neither party should enter into a P&S without being absolutely certain they understand and agree to its contents. Remember that no "understanding" or agreement is enforceable unless it is written into the P&S. The safest course is to have a lawyer review the agreement before it is signed.

As the buyer, you should review the language in the proposed P&S carefully and take the time to discuss any questions with your own agent and/or a lawyer. When the P&S is acceptable, sign it and return the contract with a deposit. To accept your offer the seller will also sign the P&S, at which point the contract becomes legally enforceable.

If you have any questions about making an offer, please give me a call.

Oh, By the Way…whenever you come across people who are thinking about buying, selling or refinancing a home and would appreciate the same level of service I provide to you, please forward their name and telephone number to me. I will gladly follow up and offer them the high-quality service you currently receive!

Ron Meyer
GSF Mortgage Corporation
920-788-9608
920-213-0428 cell
rmeyer@gsf-mortgage.com
http://www.getapprovedfast.com/
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