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When an Agent writes an offer from a prospective buyer, he or she will contact you to present it to you either in person or by fax.
The offer will typically be prepares on a state approved form. Pay close attention to any boxes that are checked or items that are typed or written in. If a box is not checked or a line is left blank, it generally does not apply.
The items that should be of concern to you are the following:
#1 Offering price
#2 Escrow period - How long until the transfer is official.
#3 Terms of funding - Will the seller get a new loan, pay cash or will they ask you to self finance a portion or all of the purchase price?
#4 Allocation of Costs - What fees or inspections will the buyer pay for and what will be the responsibility of the seller? Generally, the seller and buyer will split the escrow fees, however who pays for inspections and reports is negotiable.
#5 Contingencies - Is the offer contingent on the buyer selling their home, or securing financing or maybe getting a certain permit? Contingencies are ways that a buyer can exit the contract without loss of his Deposit. Make sure that you are aware and agree to the contingencies if any.
If you are uncomfortable in reviewing the paperwork and responding to it, just give us a call, we offer full service broker support if needed.
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