Wallingford Townhomes
George Beasley
Realtor
Buying a Townhome
PUTTING TOGETHER YOUR OFFER
You have been searching online, you have been touring townhomes, you have your preapproval and you found the right home. Let's put that offer together.
In preparing your offer we will discuss the terms of the offer with you to ensure that we are working towards achieving your goal. We will prepare all the necessary paperwork. The contract is very detailed and we will need to discuss the specific terms with you. Here is a list of items that will need to be outlined in the offer:
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Purchase price. This seems obvious but what is less obvious is whether or not the asking price is inline with other recent sales in the neighborhood. We can provide a comparision of the home for you to help establish fair market value for the home.
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Earnest money. This is money that you will be presenting with your offer. We recommend up to 3% of the purchase price but is negotiable. This money goes towards the purchase price of the home and is refunded back to you if the sale fails on a contingency.
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Inspection. We will want to include an inspection contingency with the offer. If the inspection turns up major problems we can request that they be repaired before closing or we can terminate the sale and your earnest money will be returned to you.
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Financing contingency. This simply states that the purchase will be contingent on whether or not you can obtain a loan to purchase the home. Even though you have your pre-approval, we often recommend this contingency.
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Closing date. This is the date that you take posession of the home. Generally we look for 30 days or less but this is negotiable and can go longer.
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Included items in the sale. We will want to outline what the included items are in the sale.
Once the paperwork is drawn, we will get together and review the contract, sign all pages and we are then ready to present your offer to the seller. We will be representing you as the buyer and negotiating on your behalf.
In todays market it is no uncommon for this offer to get bounced back and forth between parties until all terms have been agreed to. Once all terms are agreed to we have "mutual acceptance" and will then move forward to complete the purchase. We will be involved all the way through closing and the final hand off of the home. We will guide you all the way through the entire process.
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