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Once you arrive on a price, it’s time to draw up the details of the offer. You may be asked to offer earnest money, also known as hand money, along with the offer. More about that on the next page. Your real estate agent will be experienced with drawing up the offer letter, but make sure you understand the details of the offer agreement before you sign on the line. An offer letter reads like a legal contract. In some states, once the offer is accepted, the document automatically becomes the purchase contract.
If not, the agent usually supplies a printed overview of the home’s amenities called the listing sheet. Bring a digital camera and snap lots of photos. Use the back of the listing sheet to take your own notes on the home’s good and bad qualities. It’s amazing how quickly you forget a beautiful staircase or a clogged shower drain when it’s your tenth house of the day. If you find a few houses you like, return for a second or third walk-through during a different time of day.
Failure to make house payments can resort in foreclosure, bankruptcy or worse. If the seller doesn’t accept your best possible offer, you have to walk away and wait for the next opportunity to come along. Depending on the real estate laws in your state, the offer letter itself might become the contract or you will need to draft and sign a separate document. Even if you sign the contract, you can still back out of the purchase, but you will lose that deposit. If you haven’t already deposited earnest money, you will do so now. With persistence and some luck, you and the seller will arrive at a fair price for the home.
In most states, the seller is under no obligation to accept an offer, even if it matches the listing price. In most cases, though, you should expect to receive an answer within a day or two. If the offer was too low, the seller will tell you. Then it’s time for the age-old dance called negotiating. Unless you live in an extremely depressed housing market, a seller rarely accepts an initial offer at face value. The seller doesn’t even have to explain why an offer was rejected.
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