Once you have found the home you wish to purchase, you will need to determine what offer you are willing to make for the home. It is important to remember that the more competition there is for the home, the higher the offer should be – sometimes even exceeding the asking price. Remember, be realistic make offers you want the other party to sign!
To communicate your interest in purchasing a home, I will present the listing agent with a written offer. When the seller accepts an offer it becomes a legal contract. When you write an offer, you should be prepared to pay Trust money deposit. This is to guarantee that your intention is to purchase the property. The money will be credited back to you at closing. If you choose to cancel the contract prior to your due diligence date, the seller will keep your Trust money.
Due diligence– During this time you’ll be able to complete all inspections as well as make sure your financing for the home is secure.
Trust money– may be due at the time of contract or within 5 days of the Binding Agreement date. It is typically around 1% of the purchase price.
After I present your offer to the listing agent it will either be accepted, rejected, or the seller will make a counter-offer. This is when we will negotiate terms of the contract if necessary.
The step-by-step contract procedure for most single-family home purchases is standard.
The purchase agreement used is a standard document approved by the Tennessee Association of Realtors.
The purchase agreement or contract constitutes your offer to buy and, once accepted by the seller, becomes a valid, legal document. I am here to answer any questions you might have about the contract and to explain it to you.