For many of you, writing an offer to purchase is going to be both exciting and maybe a little nerve racking. Moving forward with this step can be just exciting if you know what to expect. When I work with a Buyer, I will give them a voided and blank offer to purchase for them to review and familiarise themselves with. That way, if they have any questions, we have plenty of time to address them beforehand.
Here is a very quick review on some of the major elements of an offer:
Price:
Depending on the market and the local market conditions, the price offered may be different from the asking price.
A home is only worth as much as you are willing to pay for it. Simple as that. It is important that you make an educated decision on your offer price. I review recent comparable listings and sales in the immediate area with all of my Buyers who have made a decision to write an offer on a home. This way you can see what those comparable homes have listed for vs. sold for, average days on market etc. This always helps moving forward with more confidence that you are not over-paying for the home you are offering on.
Deposit:
The deposit shows the Buyer's good faith and will be applied against your mortgage down payment or the purchase price of the home when the sale closes. I can advise you on the suitability of the amount of the deposit being offered, but ultimately, this amount is your decision. Your deposit cheque is made out to and deposited into the listing Broker's Trust account within 24 hours of acceptance of your offer. If you do your best to fulfill your offer conditions, but for whatever reason you can not, your deposit cheque will be returned to you.
Terms:
Includes the total price the Buyer is offering as well as the financing details. (It is most common that the Buyer usually will need to arrange a new mortgage on the property.)
Conditions:
The most used conditions in today's market are, "subject to the final sale of the Buyer's property, by a certain date", and/or "subject to Buyer obtaining financing, by a certain date.' Other common conditions can be, 'subject to the Seller providing a Seller's Property Disclosure Statement', or 'subject to a satisfactory house inspection, by a certain date'. It is important to know that you can ask for any kind of condition you want in this area.
Inclusions & Exclusions:
Common inclusions you will see on homes for sale are, appliances, window coverings, garage door openers/remote(s) etc. Essentially you can ask to include anything you want in this section, such as mirrors or even furniture. Usually the Seller has already disclosed what they would be willing to include in the sale/price of their home on their listing and this is where we would insert these items. However, if there are other items you are interested in that were not disclosed by the Seller, this is where you would include them.
Common exclusions could be any of the above as well, and again the Seller has usually disclosed what they would like to exclude in their listing.
Possession Date:
This is a mutually agreed upon date by both parties and can vary from a couple of weeks from the offer date to a couple of months+ later.
With you at Every Step:
When you make the important decision to buy or sell a home, I'm committed to going the extra mile to ensure that all of your needs are successfully met in a professional and honest manner. For Service and Commitment, let me help guide you with your next purchase or sale. For more information please contact me at 204-989-6900 or send me a message.
