You’re ready to buy a house; how do you “Make an offer”?
There is a formal process, and the real estate agent(s) will assist you. The offer will involve:
- Price: how much are you offering? Under what conditions?
- Time: when do you want to close? Move in?
- Financial Terms: How much are you offering in down payment? What financing details might affect the offer?
- Contingencies. Does the offer depend on any other events, such as the sale of your existing home?
- Earnest Money: what amount are you committing to show that you are ‘in earnest’ about the purchase?
- Deadlines: how long is the offer valid?
An offer will include the complete legal description of the property, and a few other formal details.
Keep in mind, it is “an offer, not a deal.” Buyers will frequently provide a counter-offer that changes some of the terms to meet their desired outcome.