Editorial

Front Page - Friday, December 31, 2010

Real Estate Facts

The buyer’s blueprint

Elwynn Schwartz

Once you find a home you love and are ready to make the commitment, consider the Offer To Purchase as your blueprint for executing a successful transaction. Your real estate representative will present your offer to the seller’s agent, and the ball will be rolling.
The most critical elements of your purchase agreement include your proposed offer price, what property will be included in the sale, inspection and financing contingencies, provisions for the disclosure and repair of any defects, requested seller concessions, your deposit or “earnest money” amount; and finally the expiry date of your offer.
Your real estate agent will draft this document with you, explaining all of your options and what will happen once the offer is presented. Once the seller reviews your purchase agreement, the seller may accept, reject or counter your offer. Any changes that the seller or the buyer make to the agreement will be initialed, and the Offer To Purchase will not become binding until all parties have signed the document.
If you don’t want to pay full price, but also don’t want to risk rejection of a low offer, propose other terms that will reduce your bottom line, such as a quick closing or offering to buy “as is.” Your agent will explain your options and help you present an offer that is most likely to be accepted.
Elwynn Schwartz is the owner of Chattanooga Real Estate Consultants and may be reached at 423-894-3050.

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