What to do when someone makes an offer on your home

What to do when an offer is made on your home:

When an offer to purchase is made, the first thing that needs to be done is to verify that the buyer will be able to obtain financing. The buyer should be able to present a pre-approval letter from the bank or mortgage lender. It is very important to make sure the buyer will be able to get financing. You do not want to take your home off the market, and have it tied up for a month waiting for the deal to close, only to find out the buyer cannot get a mortgage.

Put everything you agree on in writing. Use an offer to purchase real estate form, or a real estate sales agreement. You may also need an addendum, or counter offer form. In addition to the obvious information, such as address, sales price, earnest money deposit, you should list every other agreement you have made, (i.e. what appliances are staying with the home, rugs, window treatments, etc). You can also add a clause that you must get your attorney to look over and approve the contract before it is valid. An real estate attorney can review the contract, deed and title, respond to inspection issues, and make sure the contract is performed according to its terms.