When you finally decide to make an offer on a home, it should be an exciting rather than a nerve-wracking experience. In the case of first time home buyers, this is one of the most serious steps that you are going to take on your way to becoming a homeowner. However, the way is perilous if you do not take steps to protect yourself when you make your offer.
Something to keep in mind is that you should always protect yourself and your cash deposit by placing conditions in the offer to purchase that you are going to submit to the seller. Things that you might think about getting included in the offer are phrases such as conditioned upon being able to obtain financing and conditioned upon home inspection. It is essential to include terms that are going to protect you because you are likely to lose your cash deposit if the sale should fall through.
Most real estate agencies use standard offer to purchase forms. If you read the form carefully, which you should always do with any legal form, you will find a phrase stating that the seller may retain all or a portion of the earnest money deposited herewith as liquidated damages if the Purchaser(s) refuse(s), or otherwise fail(s) to perform according to this Sale Contract, or some variation thereof.
On the other hand, you do not want to make your list of conditions too long or put things in it that are not really important. If you do, you will be risking the purchase because the seller might not take interest in your offer and look for one with less onerous or not so many conditions.
Look over the offer to purchase form and make sure that it is done according to your most pressing needs and conditions. Request the necessary information about the property such as the exact address and description. This is where you will make your deposit, but try to make the amount as small as possible since you might lose some or all of it. However, do not make the deposit so small that the seller will think you are not serious about the purchase.
There is a section on the offer that will include conditions of sale or contingencies. This is where you want to be sure that all of the conditions or contingencies include either subject to or conditioned upon, or any variation thereof in case there are issues with the property, the title, easements, zoning, or your finances.
Always think about things that are important and serious to you during the offer process. If you have a competent and professional real estate agent, he/she will be invaluable at this stage because he/she will be the one who will provide you the guidance you need.
You can always go to a lawyer specializing in real estate to make sure that everything was done according to relevant law and the legal statutes in your municipality, county and/or state. Once you find that things are acceptable to you and that they include the things that are most important as far as you are concerned, make your offer and see if it is accepted.
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