Dos and Don’ts When Making an Offer
Making an offer on a house is a decision that significantly impacts your life now and in the future, so be diligent throughout the entire process.
Do Read Everything and Ask Questions
If you are working with a realtor, be sure to look through the offer before it is submitted, and make sure you are clear on what obligations fall on you. You do not want to miss important deadlines or agree to contingencies that you cannot afford if conditions are not met.
This is even more important if you are not using an agent and dealing directly with the seller or their agent. They will be looking out for their interests, so you have to make sure the terms included also protect you.
Don’t Get Fatigued by the Process
Resist the temptation to yield all the decision making to your realtor—stay engaged and ask questions. Once the offer is submitted, signed and accepted, you are responsible for all the terms included, so double-check the fine print.
And never feel pressured by any realtor to proceed with the sale if you are not financially comfortable with the terms.
Coordinate With Your Lender on Making an Offer
Take the time to consult with your mortgage broker or loan officer before making an offer. Securing a mortgage loan can take up a majority of the time it takes to close on a home. The amount of your offer that needs financing, and how you structure your contingencies, are key factors in the financing process.
