Making an offer to purchase a home
Negotiating The Purchase of Your Dream Home
In most cases, be prepared for counter offers. Don’t let the pressure get to you. Remain patient, and let your REALTOR® act as your liaison with the seller or the seller’s agent. You may need to be flexible on price, closing date, appliances and repairs.
Offer Contingencies
Beware of putting contingencies in your purchase agreement. They weaken your offer. However, if you currently own a home, your offer may need to be contingent on it selling. Or, if you’re uncertain about the structural integrity of the home, you should have a home inspection contingency, also you you should have a home appraisal contigency. Just be aware that any contingency could take you out of the running if a non-contingent offer is presented.
Earnest Money Deposit
Once your offer is accepted, be prepared to seal the deal with the earnest money deposit. Earnest money is usually a percentage of the home’s purchase price that indicates you are serious about the purchase and indicates your good faith. It’s generally applied to the purchase price when you complete the purchase, but may be forfeited to the seller if you fail to complete the purchase. Contact your REALTOR® to determine the amount of earnest money you should be prepared to pay based on your target home price.
Many first-time buyers are taken by surprise when it comes to earnest money, especially if they have to make a fast offer. Be sure to discuss with your Agent the appropriate amount of earnest money you should be prepared to pay based on the price range of properties you’re looking at. You should have this amount available in your checking account so you can write out an earnest money deposit check on the day you sign your purchase agreement.
Call us for additional information on making an offer to purchase a home in San Diego.
This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by Sandicor . Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation 2024 Sandicor, Inc.
Equal Housing Opportunity: Equal Opportunity Employer. It is illegal to discriminate against any person because of race, color, religion, sex, handicap, familial status, or national origin.