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Things Not to Do Before
Purchasing a Home
Make No
Major Purchases
Do Not Buy a Car
Don't Move Money Around
Writing an Offer to
Purchase Real Estate
Your offer is the first step to negotiating a sales contract with
the seller. So take the time to consider the seller's reaction to
everything you include in the offer because it is very important.
Unfortunately, you can't just say, "This is what I'll
pay." Since you are dealing with a large amount of money,
both you and the seller will want to build in protections and
contingencies to protect your investment and limit your risk.
Contingencies
in a Purchase Offer
Most purchase transactions are completed without difficulties.
However, keep in mind that problems can arise, and if they do you
can cancel the contract without penalty. These are referred to as
"contingencies" and you must be sure to include them
when you offer to buy a home.
Earnest
Money Deposit
When you have determined your offer price, the next step is to
consider how large a deposit you want to make with your offer. The
"earnest money deposit" should be large enough to show
the seller you are serious, but not so large you are placing
significant funds at risk.
The Closing
Date
An absolute necessity in your offer is to provide a closing date.
This way both you and the seller can make plans to move, and the
seller can make plans for buying his or her next home. Most
transactions do close on the right date, but do not be so
inflexible that a delay creates insurmountable problems.
Transfer of
Possession
Once the deeds have been recorded, the transaction is considered
"closed." This is when you take ownership of the home.
However, it is not always possible for you to occupy it
immediately. There can be several reasons for this, but the most
common is that the seller may be purchasing a home, too. Usually,
their purchase is scheduled to close simultaneously with your
purchase of their home, but situations may arise.
As a result, it is customary to allow the seller up to a maximum
of three days to turn over actual possession and keys to the home. |
