Buyers Tips!!

Depending on market conditions, you may have to act
quickly, before another buyer steps ahead of you. That
said, the best way to approach a home purchase is to arm
yourself with facts and to plan a negotiating strategy. Your
ABR® can assist you on both these points.
When deciding what to offer for a property, current market
prices are the most important factor. Your ABR® can
provide valuable assistance in this regard—counseling
you on market conditions, price ranges, comparable
properties, and appropriate negotiating strategies.

Real estate transactions require a written contract, which
conveys an initial written offer. A check for earnest money
usually accompanies an offer.
Your offer will specify price, plus all the terms and
conditions of the purchase you want to negotiate. Your
ABR® provides a valuable service by helping you use
standard forms that are kept up-to-date with changing
real estate laws, which vary from one state to another, and
by explaining the negotiating impact of including various
terms and conditions.

When your offer is presented, the seller’s options are to:
Accept. If, after reviewing your written offer, the sellers
sign their unconditional acceptance, then you will have a
binding contract as soon as you are notified of the offer’s
Reject. If the sellers reject your offer, you are released
of any obligation. The sellers cannot later change their
minds and expect to bind you to a contract based on
that offer.
Counteroffer. If the sellers like most aspects of your offer,
they may present a written counteroffer that includes
the changes the sellers want to make. You are then free
to accept their counteroffer, reject it, or make your own
counteroffer to their counteroffer. This process can repeat
itself as many times as it takes for you and the sellers to
agree on the sales contract. At this point, negotiations are
over and the terms of the sale are final.
It is important to note that the negotiating process always
moves forward; buyers cannot decide at a later time
to accept a counteroffer that they previously rejected.
If the property is still available, buyers must reinitiate
negotiations by submitting a new offer.

Can you take back an offer? In most cases the answer
is yes, right up until the moment your offer is accepted.
In some cases, you can withdraw an offer before you’ve
been notified of its acceptance.
If you want to withdraw your offer after acceptance,
be sure to do so only after consulting a lawyer who is
experienced in real estate matters. You want to avoid
losing your earnest money deposit or a lawsuit for
damages the sellers incurred because of your actions.

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