How to Make an Offer in Texas
Even though the economy has placed a cloud on the real estate industry, the Texas real estate market ranks highest throughout the country. While the home prices have taken a slight dip, potential buyers are taking advantage of lower home prices and record low interest rates. Potential investors and home buyers who are in a position to make an offer, see this unique buyers market and are looking to seize the moment.
Although you can Google â€œHow To Make An Offerâ€, it is a wise choice to base your information on how to make an offer in Texas, as there are some specifics about Texas real estate that differ from the rest of the country, and of course this could affect you getting the best deal.
Verbal offers are not legally enforceable when it comes to the sale of real estate. Therefore, you need to enter into a written contract, which starts with your written offer. This offer covers all of the terms and conditions of the purchase, including offer price.
Buyers House Realty has the standard forms (including One to Four Family Residential Contract (Resale)) that you will need in order to complete your offer. As our client we will answer all of your questions concerning this process. There are also important items that the seller must disclose and these items will be addressed prior to submitting your offer.
Once we have discussed the terms of your offer, we will send the offer to you for your final approval. You will then need to initial and sign the offer prior to Buyers House Realty submission to the sellerâ€™s agent.
If your offer is accepted, the seller will both initial and sign without making any changes. This will become a legally binding contract. At this time both the option money and earnest money will be due within 48 hrs. This also starts the clock for important strict timelines mentioned in the contract.
If the offer is countered by the seller, you will be free to walk away or counter their counter-offer. Keep in mind that countering the sellers offer puts you at risk of losing the home, as another buyer could make an offer that is accepted before your counter offer is accepted.
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