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Okay, you’ve made the decision to move forward and make an offer on a piece of property…what’s next?

It’s not a trick question; this is an easy one: Contact me via phone or e-mail. We’ll discuss your dream location and I’ll take some time to explain my role as your buyer’s agent. In this role, I work in your best interest to get the best deal possible. (Remember, if you contact the listing agent for a property, that agent is working towards the best interest of the seller, not the buyer.)

Generally speaking, an offer for a piece of property can be broken down into a few essential factors:

  1. The offer price to be presented.
  2. The earnest money deposit. This is a check you present with your offer, usually around $1000 or up. If all goes well, the earnest money deposit will show up on the closing statement as a credit to you. Note: In the state of North Carolina, if you get to contract with a seller and you fail to perform on your obligations, the earnest money is forfeited to the seller.
  3. A financing contingency, if required. This is your official statement that the contract is contingent upon your receipt of a loan from a lending facility, at a certain rate and term. You also agree that you will apply for the loan in a set time period.
  4. Contract closing date. This is the date each party will sign all the documents. Normally, this date is 30 - 45 days after the date of the offer signing.

Your offer is important and should be carefully considered… how will it be viewed by the seller? To most sellers, an ideal offer would include no financing contingency and a closing date that’s imminent. A weaker offer might include an undesirable financing contingency (for example, a 4% fixed loan for 30 years) or a closing date that’s too far in the future.

As with the rest of this site, I’m providing a very general overview in an effort to guide potential clients in their decision-making processes. Of course, experiences vary from case to case…and there are more steps involved in the purchase of an existing home. I will be happy to go over these items with you in greater detail.

Just take that first step and we can get started.

John Woods
Broker in Charge - Tranquil Tides Land Inc

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1-877-833-8270
info@tranquiltides.com