Writing an Offer on a Home
Finally, all your hard work has paid off and you are ready to write an offer on a home. How do you make sure that you cover everything, protect your legal rights, and present the best offer possible to get your dream home?
Check out the Comps
When you are ready to make an offer on a home, the first thing we will do is to provide you with the "comps." These are other similar homes that have sold recently in the area. We try to look at the same homes that an appraiser will use to determine value, which helps to simplify the process down the road. A home that sold a year or two ago or one that is still listed for sale may be good to consider, but will have less relevance than one that sold last week. You can get some information on sales from other websites, but we will provide up-to-date information from MLS and public records.
Decide what is important
For some people (especially investors), the price of the home is the overriding consideration in their purchase. These folks are more interested in the deal than in getting the specific home. Maybe this describes you. On the other hand, maybe you've found the home of your dreams and you can't bear the thought of losing it. Either way, we will sit down with you to understand your objectives and develop an offer and negotiation strategy. Don't worry, as your Buyer's Agents we work for YOU and what you tell us is confidential.
Writing the Offer
We will prepare the offer for you on a Colorado Contract to Buy and Sell Real Estate. This is a form provided by the Real Estate Commission which lays out the dates and terms of your offer and explains your legal rights. We've worked with enough buyers that we can provide advice and counsel to you to help ensure that your offer is as strong as possible.
Of course your offer is YOUR idea of what is far, and the Seller may have a different opinion. After we present the offer to the Sellers (or their Agent) for you, we will work with you to negotiate as needed and respond to counter-offers from the Seller. This can be a stressful time, and we will use our expertise to help you get the best deal possible which meets your needs.
Earnest Money Deposit
Along with your offer, you will write a check for an earnest money deposit. This is your deposit towards the purchase of the home, and the amount is credited towards your purchase. Once the offer is accepted by the seller, your check will be deposited into the escrow account at the realtor's office or title company until closing. We will work with you on your offer to ensure that you understand your legal rights and how to get your deposit back if the contract is properly terminated.
Builders do not use the standard contracts provided by the Real Estate Commission, instead they use special contracts which tend to protect their rights a bit more strongly. If you are purchasing a new construction home from a builder, we will be there with you when you sign the contract and will make sure that you understand its terms and your legal rights.