Real estate purchase contracts are designed to help protect the interests of all parties involved in the home sale transaction. In the rush to make an offer, however, first-time home buyers sometimes fail to utilize all the opportunities and protections that a well-worded real estate purchase offer can provide. If you are currently searching for your first home, using the following tips can help you prepare a better purchase offer and enjoy a better buying experience.
Become familiar with the purchase contract wording and any applicable addendums
In most areas, real estate contracts are standardized and approved by the real estate commission of the state where the transaction will occur. To become familiar with the wording of the specific contracts used in your area, first-time buyers should consider asking their real estate professional to go over a blank purchase offer form and any applicable addendums with them before beginning to view homes for sale.
Word inclusions and exclusions carefully
In the real estate world, written agreements always trump verbal assurances, so it is important that first-time buyers always take time to make sure that all conditions of their offer are spelled out correctly. This should include any items that will be included or excluded from the sale, such as drapes and appliances, as well as all terms concerning financing, possession, and inspections.
Remember that an offer is not a legal contract until properly signed
Buyers must also remember that no legal purchase contract exists with a home seller until an agreement is reached and the offer is properly signed by all parties. Because of this, first-time buyers will want to be sure to pay close attention to all response time frames noted in their original offer, as well as those included in any resulting counteroffers from the seller of the home they want to purchase.
In addition, buyers who find themselves competing with other buyers in a competitive real estate market must understand that the seller is likely also receiving offers from other buyers, along with theirs. This means buyers must be prepared to make their most attractive offer as quickly as possible in order to have the best chance of attracting the seller's interest.
For more tips on writing a purchase offer that will help lead the way to a successful buying experience, first-time buyers should consult with their trusted real estate professional. Since every home purchase is unique to the buyer and seller involved, an experienced agent will be able to help their buyers customize their offers to maximize appeal, while protecting their interests. If you are in the market to buy homes, contact a realtor in your area.