When you’ve determined that you’ve found the right house for you, your real estate professional will prepare the paperwork to place the offer.
The actual offer will minimally contain the amount of the offer, how long the offer is good for, the time frame for the inspection to be conducted, when the purchase and sales agreement is to be signed, when you expect to receive a commitment for the loan from the lender, when you anticipate closing and any contingencies. The offer will accompany your pre-approval letter or proof of funds, the signed agency disclosure and a copy of your initial deposit check also know as “earnest money”. Providing earnest money “binds” the offer should the offer be accepted. An exchange of monies indicates you are serious about your intention to purchase a property.
Dates for performance can be extended, if necessary, so long as the parties agree. However, you’ll want to do all you can to adhere to the dates as not to delay your closing.
The process for submitting an offer may vary depending upon who holds the title. If the property is lender owned, your real estate professional may be required to submit the offer online. In these instances, communication, submission of documents, etc. may be done only online including whether your offer is accepted. In these transactions, it is extremely critical that all requests for information, documents, etc. are furnished on a timely basis as not to breach any agreements and, subsequently, terminate the transaction and potentially lose deposits.