Why the Purchase Offer Process is Easier Than Getting a Tattoo!

October 16, 2007

Buying property in the North Georgia Blue Ridge Mountains

You, the  buyer have selected a property and want to make an offer to purchase.  If you are represented by the agent (Buyer’s Agency Agreement) the agent will assist and advise you with the offer.  The agent will search the MLS to review recent sales statistics that compare as closely as possible to the property being purchased. 

This information will include:

••         Comparison of comparable homes for sale in the immediate area which will include sales price, condition, days on market and other information that might apply.

••         Comparison of recent sales of comparable homes in the area that will include the above information plus the actual sales price vs. the listing price.

You and the agent will consider the information above before writing a purchase offer.

The purchase offer will include:

••         Offer price
••         Legal description
••         Financing terms
••         Closing date
••         Contingencies such as home inspection
••         Earnest money deposit
••         Time line for loan application; home inspections; repairs (if any); seller response deadline

Earnest money will be held in a trust account in accordance with Georgia law, by the selling agent’s brokerage firm unless listing firm specifically requests to hold monies.

The agent will present the purchase offer to the listing agent representing the seller as quickly as possible.  The seller has three options:

  1. Accept the contract as written    
  2. Submit a counter- offer
  3. Reject the offer

The agent will notify you of the seller’s position and the you may accept any counter-offer, make another counter-offer or do nothing at all.  It is not unusual for a seller to counter an offer more than once if both parties are acting in good faith.  See, wasn’t that easier than getting a tattoo?!

Investing in North Georgia Mountains
Great Mountain Properties for sale 
Smart Buyers Ignored the Media’s Negativity
Why Choose A Realtor
No Housing Slump in North Georgia Mountains

   

http://www.move2northgeorgia.net/
Donna Yates, Realtor
North Georgia Mountains

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