So, you’ve found a house. How exciting! The next step is writing an offer on that house. There are six steps to this process:
- The deposit check. Typically, this is a thousand dollars.
- Determining when the purchase and sale is. This is a date you will negotiate with your agent.
- Discussing the closing date and contingencies. Do you have a mortgage contingency? Do you have an inspection contingency? Any additional contingencies you may have, we would be happy to walk you through.
- The inspection.After the offer is accepted, you typically have seven days to make an inspection. The inspection can be a variation of different things through which your Realtor will guide you. During an inspection, the key is to look for anything major, such as structural issues or health concerns.
- The negotiation of the inspection items. You negotiate the most important inspection items with the listing agent. Depending on how the inspection went, they’ll either do the work themselves, give you a cash credit, or nothing at all.
- Hiring a real estate attorney. You hire a real estate attorney after all parties have agreed to the terms of the inspection. The real estate attorney will negotiate with the listing agent’s attorney over the purchase and sale (P&S) contract. After this is completed, there is typically another deposit. Here, we ask for 5%. (Deposit could be more or less, however typically I have seen 5%) When your agent receives this, all the parties sign, and you’re good to go
In our next video, we’ll be talking about wrapping up the sale. If you have any questions in the meantime about making an offer, you can reach me by phone or email. I look forward to hearing from you!