Buying a House… Part 4 (The offer)
If you’ve been following along in parts 1, 2, and 3, this next post will make a lot of sense as it is a continuation of the explanations started in the parts before this. If you didn’t catch those, that’s ok! You can click the numbers above and it will take you right to whichever part you’ve missed.
“Ok, Emerald, I get it, look at the numbers, now what? When do I get to move in?”
Once you’ve determined the price you’re going to offer, now it’s time to write it up.
**Every state’s real estate sales contracts and practices are different, so if you’re reading this and you’re not in Texas, this next part is a crash course in how we do it down here. If you don’t have a local expert in your state, call me, I know great people all over and I can get you hooked up.**
When writing an offer for the first time, I usually take about an hour or so to go through the contract with my clients because it is INCREDIBLY important to me that you understand what you are signing. I go paragraph by paragraph and give you real world examples of what each means and answer ALL of your questions. There are 9 pages in the primary contract and that doesn’t include the various addenda that may apply to your particular transaction. If your agent doesn’t take the time to make darn sure you understand what you are signing, you may want to reconsider your agent, or, if you choose to and have the time and resources, you can hire a real estate attorney to explain it to you. Your choice, and I know you’re likely completely capable of making the right one, so I’ll not harp on it.
I can say that, for a lot of my clients, the offer writing process can be very stressful. The reality of the matter is that this is the time to pay attention to the details of the document and not stress about the outcome. You write the offer that makes the most sense for your particular situation, house, and set of circumstances. This part is just the beginning of the dance and just like in actual dancing, you have zero control over the other party’s skill level or actions, so don’t sweat that part. Do the best you can, put your best foot forward, and then rely on good counsel (your buyer’s agent) to help you navigate through this part of the process.
This is the boring part of the process but quite possibly the most important. Tough it out and pay close attention to every part of the contract. Ask as many questions as you need to in order to secure full understanding of each paragraph BEFORE YOU SIGN IT. Don’t worry about “taking up the agent’s time,” it’s their job, and likely one the most important parts of it. So get all the information you need to feel that you have a solid understanding of the contract and how it applies to you and your money! And, as always, I LOVE what I do and I LOVE talking about real estate, so if you have questions, please ask. Questions give me purpose, and they give me more blog topics too!
EXP Realty LLC, Dallas/Fort Worth, TX
legal advice. **