|Writing an Offer to Purchase Real Estate
Once you find the home you want to buy, the
next step is to write an offer Ė which is not as easy as it
sounds. Your offer is the first step toward negotiating a sales
contract with the seller. Since this is just the beginning of
negotiations, you should put yourself in the sellerís shoes and
imagine his or her reaction to everything you include. Your goal
is to get what you want, and imagining the sellerís reactions
will help you attain that goal.
The offer is much more complicated than simply coming up with a
price and saying, "This is what Iíll pay." Because of the huge
dollar amounts involved, especially in todayís litigious
society, both you and the seller want to build in protections
and contingencies to protect your investment and limit your
In an offer to purchase real estate, you include not only the
price you are willing to pay, but other details of the purchase
as well. This includes how you intend to finance the home, your
down payment, who pays what closing costs, what inspections are
performed, timetables, whether personal property is included in
the purchase, terms of cancellation, any repairs you want
performed, which professional services will be used, when you
get physical possession of the property, and how to settle
disputes should they occur.
It is certainly more involved than buying a car. And more
Buying a home is a major event for both the buyer and seller. It
will affect your finances more than any other previous purchase
or investment. The seller makes plans based on your offer that
affect his finances, too. However, it is more important than
just money. In the half-hour it takes to write an offer you are
making decisions that affect how you live for the next several
years, if not the rest of your life. The seller is going to
review your offer carefully, because it also affects how he or
she lives the rest of their life.
That sounds dramatic. It sounds like a clichť. Every real estate
book or article you read says the same thing.
They all say it because it is true.