First-Time Home Buyers Guide to Submitting an Offer
First-Time Home Buyers Guide to Submitting an Offer By Ryan Oda (RA), MAT Understand the Purchase Contract The purchase contract is a legal, binding document. With the other addenda and forms, the purchase contract is over 15 pages long. The verbiage can be confusing, so have your Realtor® breakdown each section. If you have questions, ask. As the buyer, it’s important to know your rights. You are ultimately responsible for understanding what you are signing. Speak with your Lender You, your Realtor®, and your lender should all be in constant communication. If you are interested in making an offer, have your Realtor® contact your lender. It’s important you get prequalified. This will make your offer stronger and more competitive when presented to the seller. Monitor the interest rates. If the rates dropped, from the time you got pre-approved, you just might qualify for more. Discuss Terms Does the seller prefer any specific terms? Find out what the seller wants and give it to them, especially if there are multiple offers. Aside from price, you can make your offer more attractive by adjusting the terms of the purchase contract. For example, rather than having a 14 day home inspection period, you can put 10 days (or less). Just make sure your home inspector will be available. Another example involves your first and second cash deposits. A seller might request that you put more money up front to show that you are committed to the purchase. Adjusting your contingencies makes your offer look sharp.