Making an Offer

When you have found the property that meets your needs and financial capabilities you probably want to make a written offer, before  it’s too late.

Your Buying agent will help you determine the best offer to make by answering the following questions.

1.) How closely does the Property meet your search needs and financial capabilities ?
2.) What is the Property value compared to similar properties that have recently sold ?
3.) What is the availability of similar properties currently on the market ?
4.) Will you be able to take possession of the property when you need to ?

Making a strong offer may increase the chance of being accepted or encourage a counteroffer from the seller. Making a weak offer may decrease the chance of being accepted or discourage a counteroffer from the seller. Your Exclusive Buy Side Realtor Associate® can inform you how to make your offer most attractive to the seller.

Written offer with initial deposit
Making an OfferYour Buying agent will prepare your written offer on a “New Jersey Association of Realtors Standard Form of Real Estate Contract” for you to sign. You will submit an initial deposit with your offer to show that it is made in good faith. The initial deposit shall be held in a non-interest bearing trust account until closing. If the offer is rejected the initial deposit will be returned to you.

Negotiation
Your Exclusive Buy Side Realtor Associate® is well-trained to negotiate on your behalf with your best interests in mind. If the seller counteroffers, you may agree to that price and terms, or make your own counteroffer. Once you and the seller agree, both sides initial the final price and terms shown on the agreement of sale.

Additional deposit
Depending upon the price of the home and the size of your down payment, the contract may specify a date when additional monies would be placed into the trust account. At this time, your Attorney or Mortgage Company will order a Title Search and Title Insurance.

Mortgage contingency
Unless you are an all-cash buyer, you will have to agree to obtain financing within a specified period. If you cannot secure financing within the specified period, and the seller does not grant you additional time, the contract becomes null and void.