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I found the house I want in the neighborhood that I want - now what?
The second toughest decision for a house buyer, after deciding what house to buy, is how much to offer the sellers for their house. The offer must not be too low or you may lose the house to someone who offered just a bit more.
The offer must not be too high because you want to make a good bargain and keep your money for those important things like paying utility bills. The offer must be just right to work.
What is included in an offer to buy a home?
Each state, county, and even town can require certain legalities to be printed in an offer document, commonly called the Standard Residential Sales Contract. These potential differences are yet another reason for you to be represented by a real estate professional. The most common items in a Standard Residential Sales Contract are:
- buyer's and seller's names and addresses
- legal description, including address, of the property being sold
- amount of money the buyer is offering
- amount of earnest money or good faith deposit that the buyer is putting down and how that money will be handled
- length of time the sellers have to respond to this offer
- details of the sale, such as appliances, curtains, garage door openers, sheds, etc.
- closing date and location
- date buyer takes possession of home
- insurance issues
- how disputes in this contract will be handled
- contingencies
To this standard contract there also can be additional agreements called riders. Riders address issues that are outside the standard contract, such as the seller agreeing to provide the buyer with money to get a certain defect in the house repaired.