you have selected the house you want to buy, your next step is
to submit a signed real estate offer to purchase. Your MAINGATE
sales associate knows what forms, addendums, and disclosures are
needed or required by law and what contingencies to request in
your offer to purchase. We will walk you through the process step-by-step,
to your complete understanding and satisfaction, in order
to prepare your real estate offer.
much should I offer?
You know the seller's asking price, but your MAINGATE sales
associate will assist you in determining what the home is really
worth by researching comparable properties and market statistics.
how much earnest money should accompany my offer? A
substantial escrow deposit shows the seller that you are serious
enough about purchasing their property for them to take it off
of the market. Your earnest money is usually held in an escrow
account until the offer does not go to contract, the contract
is terminated by either party, or the sale goes to a successful
closing. At closing, these monies are applied to the buyer's
down payment or closing costs. If the sale does not close, these
funds will be dispersed according to the terms of the contract.
chooses the closing date and possession date? You do.
So be sure to allow yourself enough time to do everything you
need to, like obtain financing.
I signed the offer. Now what?
Your MAINGATE sales associate will present the offer to the
seller's agent. The seller will either accept, reject, or counter
your offer with changes in the terms. If the seller submits
a counteroffer, you may either accept their counteroffer, make
another counteroffer, or withdraw your offer.
When both the seller and buyer agree to the terms and both sign
the document, it becomes an "effective" contract, also
known as "valid" contract. Now that the deal has "gone
to contract", a number of tasks must be completed in a timely
manner to protect your purchase.
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