Step 6 – Making the Offer
In Colorado, licensed real estate brokers are authorized by the Colorado Real Estate Commission to prepare the Contract to Buy and Sell Real Estate form mandated by the State of Colorado.
Colorado Brokers cannot give you legal advice or tax advice. As you go through this process, please feel free to consult with professionals that can answer your non-real estate questions.
Step 6 – Making the Offer means making a decision to purchase a piece of property encompasses many aspects other than price.
1. Purchase price you wish to offer. I will give you as much information as I can, but the ultimate decision as to what to offer is yours!
You will need to be clear on the:
– Earnest Money – This is money that goes with the offer. It is like giving a car dealer a deposit to hold a car until you can come back and figure out the financing. The amount of earnest money varies depending on the price of the property.
Earnest money is part of your total down payment.
– Down payment. This is the amount of money that you will have to put down as part of your loan agreement. It can be as little as 3.5% or as much as you would like. This is something you will have discussed with your lender.
– Dates for the various tasks by all parties involved will be entered into the contract.
Deadlines for your loan approval, inspection, title work, appraisal and others will be added to the contract. You will need to let me know if you will be out of town or not available so there are no surprises.
– Contingencies such as time to sell your current residence or to have a third party do additional review of the property will be part of the contract.
– Date of closing and time of possession will be very important to you.
– The Acceptance Date and Time for the seller to respond is a critical point.
– Once the offer is submitted, the sellers can: 1) accept the offer as written, 2) counter the offer or 3) refuse the offer. Generally, most sellers will either accept or counter your offer; very seldom does the seller flatly refuse.
Through this entire process of preparing, offering and negotiating the Contract to Buy and Sell Real Estate, I will work closely with you and all other parties involved ensuring all deadlines are met and answers to questions you may have are provided to you within a timely manner. This is the end of Step 6 – Making the Offer.
Specializing in Buyer Representation & Relocation Real Estate Transactions.