Offers & Counter Offers
You found the perfect house that fits all your criteria and your price range, and you are ready to make an offer! Your M and M Realty Group agent will discuss what is the best offer to make. Sometimes it is OK to make an offer that is lower than the asking price, but if you are in a hurry to buy, your heart is set on a house, or you know there are other offers on the table, you may want to offer the full asking price or more. Your M and M Realty Group agent will help you decide. Your agent will write up the offer and present it to the sellers agent with your terms and conditions. At this point, you will want to make a down payment called Earnest Money.
Once you have determined your offering price, you will need to decide on the size of deposit to make with your offer. The earnest money deposit should be large enough to show the seller you are serious, but not so large because sometimes negotiations can take awhile and your funds are tied up during that time. Still, it depends, like your offer, on the condition of the market and your M and M Realty Agent will be able to help you decide the size of the deposit that is appropriate.
Now that you have sent your offer and your earnest money deposit, you will begin the negotiation stage with the sellers agent. Generally, your M and M Realty Group agent will handle this phase and will advise you if the seller has rejected any of the demands/ requests you submitted in your offer, as well as any demands /requests the seller is making. Once your negotiation is complete and your final offer is accepted, you will enter into the next phase, which is the escrow phase.
- Things that will be negotiated include:
- Final sales price
- The inspections to be completed
- Who will pay certain closing costs
- When the closing date will be and when the transfer of ownership will occur
- Special considerations of things to be included or excluded from the sale
- Special considerations such as repairs that are not part of an inspection
You may want to consider the following types of inspections to be requested as part of your negotiations. Once an offer is accepted, the inspections can be done and any findings will be resolved before closing. Note: Inspections vary by County - your M and M Realty Group agent can advise which inspections are required, the costs and details about each of the inspections.
- Physical Inspection - Typically done by a general home inspector, a physical inspection is a visual review of the overall condition of the property.
Other Inspections include:
- Geological Inspection
- Structural Pest Control Inspection
- Property Hazard Disclosure Inspection
- Well and Septic
- Water Conservation
- Structural Engineering
- Chimney Inspection
- Heating and Air Conditioning
- Zoning and Building Permit Compliance
- Energy Audit
- Roof Inspection
- Pool / Spa Inspection