| I
. The Offer Itself |
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1.
Property Description |
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-The
address of the property
-Any fixtures or appliances you want included |
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2.
Price |
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-The
total purchase price
-The amount of deposit at the time of
the offer (usually $1,000)
-The amount of deposit at the time of
the Purchase & Sale (usually 5-10%) |
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3.
Dates |
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-Deadline
for seller to accept offer
-Deadline for the Purchase & Sale
-Deadline for the Closing
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4.
Contingencies |
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-This
is a list of "subject to" items
such as a satisfactory inspection of condominium
documents and budget. |
| II.
The Addendum |
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1.
Home and Pest Inspection Deadline-usually
within 7-10 days of the accepted offer |
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2.
Financing Contingencies-has the expected
deadlines for applying for financing,
obtaining a commitment letter and the
amount you will be financing unless you
are making a cash offer. |
| III.
Deposit Check |
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Typically
made out to the company the listing broker
works for and will be held in escrow |
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| IV.
Pre-Approval Documentation |
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You
can present a stronger offer by including
a pre-approval letter from a lender. |
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| Responses |
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Yes-The
seller accepts your offer with the terms
presented.
No-The seller rejects your offer
and your deposit is returned.
Counteroffer-The seller is open
to accepting your offer, but wants to
change the price or some of the terms.
You can accept, reject or counteroffer
the counteroffer. |
| If
you have an accepted offer, you're next
step is to hire
an attorney (if you haven't
done so already) and set up your home
inspection. |
