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Purchase offer and other documents

Once you find the home you want to buy, the first step toward negociating a selling price is to write an offer directly to the seller. Since this is just the beginning of negotiations, you should put yourself in the seller’s shoes and imagine his reaction to everything you include. Your goal is to get what you want, and imagining the seller’s reactions will help you attain that goal.

Buying a home is an important event for both you the buyer. It will affect your finances more than any other previous purchase. The seller makes plans based on your offer that affect his finances, too. However, it is more important than just money. In the half-hour it takes to write an offer you are making decisions that affect how you live for the next several years, if not the rest of your life. The seller is going to review your offer, because it also affects how he lives the rest of his life.

Contingencies are very important when making an offer

Most of purchase transactions are done smoothly, however, there might be some challenges. However, you want to anticipate potential problems so that if something goes wrong, you can cancel the contract without penalty. These are called contingencies and you must be sure to include them when you make an offer.

Some of the buyers often agree to buy a property before selling their previous home. Even if the home is already sold, it is probably a "pending sale" and has not closed. Therefore, you should make closing your own sale a condition of your offer. If you do not include this as a contingency, you may find yourself paying two mortgage payments.

Some common contingencies that you should include as well  in your offer is the mortgage, a condition of your offer should be added that you successfully obtain a financing. Another condition is the home should pass the inspection.

Contingencies protect you the buyer in case you can not perform a promise to buy a home. If you cancel a contract without having built-in conditions and contingencies, you could find yourself in troubles.

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