Contingencies
Beware of putting contingencies in your purchase agreement. They
weaken your offer. However, if you currently own a home, your offer
may need to be contingent on it selling. Or, if you're uncertain
about the structural integrity of the home, you may want to have
a home inspection contingency. Just be aware any contingency could
take you out of the running if a non-contingent offer is presented.
Negotiating The Buy
The expertise an Odelia Pacific Sales Associate can give you at
negotiating time is priceless.
Earnest Money
Once your offer is accepted, be prepared to seal the deal with earnest
money. Earnest money is usually a percentage of the home's purchase
price that indicates you're serious about the purchase and indicates
your good faith. It's generally applied to the purchase price when
you complete the purchase, but may be forfeited to the seller if
you fail to complete the purchase without legal excuse. Contact
your Sales Associate to determine the amount of earnest money you
should be prepared to pay based on your target home price.
Many first-time buyers are taken by surprise when it comes to earnest
money, especially if they have to make a fast offer. Be sure to
discuss with your Sales Associate the appropriate amount of earnest
money you should be prepared to pay based on the price range of
properties you're looking at. You should have this amount available
in your checking account so you can write out an earnest money check
on the day you sign your purchase agreement.
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