4 Important Details You Should Include on a Purchase Offer for a House

27 February 2017
 Categories: Real Estate, Blog

When you have a real estate agent helping you purchase a house, he or she will help protect you by writing a purchase offer for the house you choose, and this offer will include a variety of different details, requests, or conditions. These items are very important to include when writing a purchase offer, and here are some of the things you may want to include when you write up the offer you will make for the house you would like to purchase.

Who will be responsible for closing costs

When you buy a house, there will be closing costs, and the buyer is usually responsible for most of these. You can, however, ask the seller to cover some of them though. If you do this, you might request that the seller pay a certain dollar amount towards the closing costs, or you might request that the buyer pay for certain types of closing costs, such as the sewer inspection or termite inspection.

How long the seller has to consider the offer

A second important detail to include is the length of time the seller has to accept or counter your offer. This might be around three days, but it can be shorter or longer than this. If the seller does not respond within the designated time frame, the offer becomes void. This time frame is designed to protect you and to prevent a seller from sitting on an offer while waiting for others to come in.

The contingencies of the offer

Your purchase offer should also contain any contingencies you are requesting. A contingency is simply something that states that you will only buy the house if certain conditions are met. For example, you could state that you will only buy the house if the owner repaints the living room. If the owner will not agree to this, the owner may reject or counter your offer. Your real estate agent can help you understand other types of contingencies you may want to include when writing your offer.

What you want included with the price you are offering

Finally, when you make a purchase offer on a house, you will be offering a certain price for the house. This price is the total amount you will pay to the seller, and there may be certain things you would like included with this offer price. For example, you can request that the seller leave all the appliances, the swimming pool, or an outdoor kitchen area. These are all the types of things that are often negotiable during home sales.

These are four important things you should include on your purchase offer, but there are many others. To learn more, contact companies like RE/MAX AEROSPACE REALTY.