Help writing a real estate offer letter………?
Question: Help writing a real estate offer letter………?
Looking at buying a house for sale by owner, neither myself (the buyer) nor the seller have a real estate agent. I need help writing the offer letter. I would like contingencies such as financing, inspection, appraisal, 00 from the seller for closing costs, appliances included, and any other contingencies that I should be aware of that I don’t know about. I was told about a ‘gap’ contingencie or something like that….covers the time in between when the title is transfered from one person to the other in terms of liens on the property.
I need help writing this offer with approperiate wording which protects me and this investment. Is there a way to word the appraisal and inspection parts that give you a way to back out if some problem is discovered or the value of the home comes out too low?
Sorry, there’s a lot here….as you can see, I want to make sure I do this RIGHT!
THANKS FOR ALL YOUR HELP!!!
Best answer:
Answer by Professional Peon
For the appraisal you would want to put in something like “reserves the right to renegotiate based on market price” or “if the appraisal is for less then xxxx reserves the right to renegotiate”. Something along those lines. Thats what I did for mine.
You can just include appliances. For the inpection you want him to either correct or deduct those costs from the purchase price.
Be careful how much you ask for in seller concessions for closing costs, because that may affect the type of loan you can get from a bank.
IDK about a gap contingencie as I thought that would be covered by the title insurance. Your best bet may be to google “sales agreement” along with your state to get an idea of what it should say.
I thought of cutting and pasting one I found for my state, but I don’t think it will fit and the laws may be different in your state.
Add your own answer in the comments!
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You need either an agent or an attorney to guide you in preparing a legal offer to purchase which will cover your interests. If you go this alone, you may be VERY sorry you did not engage professional assistance. In my state, the standard offer to purchase (with no addenda) is five pages long, and the print is NOT very large.
If you want to make sure you do this right, you sure would not be asking here. I have never heard the term “gap” contingency, I have no idea what that is. If you want to protect yourself and this investment, you will enlist the services of a professional to draw up the contract. Any contract you get for free is worth the price you paid.