Preparing a Purchase Offer

Your Realtor can help you prepare a purchase offer on standard real estate purchase forms. Read it carefully and discuss any concerns or questions with your Realtor. Most

Purchase offers:

1. Are time sensitive. The seller must respond to the offer in just a few days.
2. Allow for counteroffers. The seller may not like your offer and can counter with another offer. If you don't like the seller's counteroffer, you can counter the counteroffer.
3. State the requirements of the purchase. It should include property address, price, real estate commission to be paid and by whom, specific items to be included in the purchase price and/or items not included, and must be signed by all buyers and sellers and state the expected closing date. Other requirements set by you could be that the purchase price you are paying should be equal to or less than the appraised value of the property. And that the purchase offer should be subject to review by your attorney (New York State requires an attorney's services on a purchase transaction).
4. Set the amount of the earnest deposit. The earnest deposit is a deposit made by the buyer to the seller in good faith that the purchase will take place. The seller's Realtor usually holds the funds until the day of closing. The amount of the deposit can begin at a few hundred dollars up to 1 percent of the purchase price or more. Your Realtor can recommend a suitable amount. Earnest deposits can sometimes be refunded if the purchase transaction falls through. Your attorney can best help you in those situations.

If your purchase offer has been accepted, it's time to find an attorney.

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