How do you write an offer to purchase on a home?

Question

We want to make an offer on a home built in 1973. I want a home inspection. If the inspector finds repairs that need to be done, I would like something in the contract that stated "anything over $1500 the seller would take care of it or give us a cash allowance on the house". I know that wording is everything when writing something like this, so Im curious if anyone has had any success. By the way, we live in WV.

Answer 1

Include everything you want in the offer letter. Three things to be careful about:

1. Include a date after which the offer is void, otherwise you are tied up and sould not bid on another house.

2. The "Offer to Buy" forms from a real estate agent are written mostly to protect the agent's commission, write your own list and have a lawyer look at it.

3. Once the seller accepts your offer by signing it can become a "Mutually Enforceable" contract where you must buy and they must sell. Should the house burn down before you take possession you could be stuck unless there is writing in the offer to protect you.

There may be laws in your state that affect the comments above. I ALWAYS use my own lawyer when buying or selling a house.

Answer 2

I presume you have already viewed the premises with the seller's agent (your first error).  The seller's agent now has claim to the full commission offered on the sale, because he/she was the 'procuring cause' for bringing you (the buyer) to the property.  Regardless, you need to find a BUYER'S agent to represent your interests in the writing of the offer.  Find one, and be sure to tell that agent that you have already viewed the property with the seller's agent, and that there may be a commission dispute because you did so.  Perhaps the buyer's agent can work out a commission agreement with the seller agent.

You are correct, in that 'wording' is very important in drafting such clauses in offers to purchase.  If not stated properly, any such inspection (or other) contingencies may be invalid, or can actually work against your interests.

In the future, don't go about viewing properties without a buyer agent working to represent you.  That's what they do.

Answer 3

The sellers realtor should normally handle the paperwork for that.

Answer 4

I suggest that you go find a good Realtor. A Realtor will help you in the purchase of this home. Remember a Realtor makes their money on the other end. You shouldn't be charged. If you chose to go about this yourself then you need to find a good Real Estate attorney, not a divorce or criminal attorney but someone who specializes in real estate. They will have all the forms and contracts you will need. Good Luck.  

Answer 5

Get a buyers broker, the home seller pays the brokerage fee and the fee is split between the brokers, don't trust the seller's broker, like you said, he/she is working for the seller.

Answer 6

Your real estate agent has the forms to do this. Typically, you work with your agent, make the offer, put down an earnest deposit (typically the amount of your downpayment to show the seller you're serious about the house), and wait for them to accept or decline the offer.

If you can't get financing, the deposit comes back to you. However, if you back out of the deal for no good reason, the seller has the right to keep the earnest money. Sometimes they do, sometimes they don't. Typically, more earnest money means that sellers will take a little less for the house. Less earnest money means they're going to stay very close to the asking price. Without earnest money, you're not showing that you're a serious buyer.

Answer 7

Contact a professional, otherwise you'll get screwed.