Making Offers

So you’ve made a choice and are contemplating an OFFER.  In the Commonwealth of Massachusetts we use a two-step process when a property is sold or title is transferred.

The first step – a buyer submits a formal Offer or a Contract To Purchase Real Estate.  The second step – after the Offer has been accepted by the seller is the Purchase And Sales Agreement.  The Offer though legal, merely outlines your initial terms, price, time frame and conditions and is sent to the seller and their agent. The seller will review your Offer in relation to their asking price and expectations and will either accept it or “COUNTEROFFER” with terms they wish to accept.  Your goal is to WIN the property under terms favorable to you. We will work with you on a winning strategy and conduct negotiations on your behalf with the seller and their agent.

A few other details:  every Offer must be submitted with a deposit or “earnest money” as a consideration in the purchase of a property.  This deposit is held in “escrow” and disbursed when the transaction closes.  This amount is typically 5% of the purchase price but as many lenders offer loan programs with downpayment options as low as 3.5%, the deposit can be lower.  Buyers can also include CONTINGENCIES in their Offer.  These may include obtaining a mortgage, selling another home, defining inspections on the property or asking for the property to be appraised at a certain value.  We are here at each step to provide resources and experience on how best to handle contingencies or additional terms that you may require or best fit your circumstances.

Your Offer inevitably must be ACCEPTED by the seller.  Following a successful negotiation the Contract To Purchase Real Estate and all its terms, price, contingencies and conditions is signed by all parties.  Following this you will move into the second step and generally have the property INSPECTED. We maintain contact with numerous licensed home inspectors and other professionals who help you determine the true condition of a property.

The Purchase And Sales Agreement which becomes the final legal Agreement for all parties is “executed” or signed and we will assist you in meeting all obligations per the AGREEMENT.  All parties move toward closing the transaction.

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