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MAKE AN OFFER

	Success Strategies To Buying Once we have found the right property for you, we will need to make an offer. Many buyers have asked me if there is a "rule of thumb" when it comes to making an offer. While that would certainly make negotiation easier, unfortunately there is not one. To help you determine what a fair offer is I will prepare a Comparative Market Analysis. This will show you what other people have been willing to pay for similar properties in the area. I'll not only discuss property values, but also the pros and cons of different offer strategies. While it may be true that anything is negotiable, it may not be in your best interest to make too low of an initial offer. From my experience, I know a realtor skilled in negotiations is your best ally in a competitive market. I am an excellent negotiator and where emotion might cloud your better judgment, you can rely on me to advice you of your options throughout the transaction. Once you have determined what you want to pay for your new home, we will need to fill out a Real Estate Sales Contract, also known as "an offer to purchase" or "purchase agreement". The sales contract is a legally binding agreement that sets forth the terms and conditions of the purchase. The terms and conditions must be agreed upon and signed by both the buyer(s) and seller(s). Contracts can be intimidating, especially if they are thrown at you without guidance. Remember, I will not only work to serve your best interest, but I will be there to offer my expertise to make the purchase of your new home a pleasurable one. An earnest money check is expected at the time a contract to purchase is signed. The purpose of earnest money is to show "good faith" that you intend to follow through with the intentions of the sales agreement. It represents your sincerity in attempting to purchase the property, makes the contract "legal" if accepted, and is totally refundable if the offer is not accepted, or if some condition of the contract is not satisfied by the seller. However, if you are unable to live up to the agreement, (for example if you are unable to obtain financing within the specified time frame and do not provide written notification to the seller), the earnest money may be forfeited to the seller to compensate them for any damages they may of incurred as a result of the sale not being completed. The typical earnest deposit is between $1,000.00 and $5,000.00. This amount increases to a total of 5% to 10% of the purchase price and is generally due 1 to 5 days after acceptance. Sellers will occasionally request a larger deposit and some will request less. The earnest money is held in the broker's escrow account for the benefit of both parties. The earnest money check is deposited within 3 business days of you giving it to your agent. At closing the earnest money is applied to your down payment.
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