Crafting a Competitive Home Purchase Offer
Once you have found your dream home, the next step is deciding how much you’re willing to offer. Competition can dictate the offer amount; in high-demand scenarios, your offer may even need to exceed the asking price. Always stay realistic and make offers you expect the other party to accept. Lowball offers are rarely successful if the home is in good shape.
Making Your Offer and Providing an Earnest Money Deposit
To signify your intent to purchase a home, we will present a written offer to the listing agent. Such offers must be presented to the seller and, upon acceptance, they form a legal contract.
Be ready to provide an earnest money deposit, typically about 3% of the offered price. This deposit demonstrates your serious intent to buy and assures the seller that they won’t incur a loss if they take the property off the market during negotiations.
Navigating the Due Diligence Period
As a buyer, you have a designated period to assess and evaluate the prospective purchase, known as the Due Diligence period.
If you discover undesirable factors during this time and decide to retract your offer, your earnest money deposit will be returned.
You can also withdraw if the seller fails to fulfill promised obligations. Our goal is to avoid deal breakers, but if present, we need to uncover them swiftly.
Finalizing the Offer: Acceptance, Rejection, or Counteroffer
After presenting your offer to the listing agent, it may be accepted, rejected, or countered by the seller.
This stage involves negotiating the final price and other contract terms.
Understanding the Contract Procedure
The procedure for most single-family home purchases follows a standard pattern. We use a purchase agreement document approved by the Georgia Association of REALTOR©‘s.
This agreement forms your offer to buy and, upon seller acceptance, becomes a legal, binding contract. So, it’s crucial to comprehend the contract offer’s content.
