Which steps lead up to making an offer?

Before you make an offer on a property it is imperative that you are provided with some highly important facts:

1. The amount of time the specific property has been on the market
2. The exact sale price of similar properties that have recently sold
3. A comparative price analysis - to help you determine true value.

As soon as you have determined an offer price you are quite comfortable with, your agent should write it up using a standard contract form. The offer should include all contingencies that you want to include (subject to mortgage, house inspection etc.) It is very important that all the points you have specified are included - as if the offer is accepted and signed by the seller, the contract is legally binding.

If the owner rejects the contract, he may make a counter-offer by changing some of the terms in the contract - including your offer price, All changes made to the printed contract form must be initialed by all parties and changes instigated by a buyer must be sent to the seller. The contract document can go back and forth a few times until agreement is reached.

A deposit has to accompany the offer - this is placed with a neutral third party, called an 'escrow agent', it is usual for the contract to specify a further deposit a few days afterwards if the contract is accepted.

Please feel free to contact us if you have any questions!