What Goes Into a Real Estate Offer?
What type of loan you are going to be doing will matter. The three most common types are conventional, FHA, or VA. All three take different amounts of time to complete, which will determine how long you will be "in contract" for. You can find out more about the different types of loans here: Loan Info & Types
There will be a set date placed in the contract that your lender will be required to provide a loan commitment to the seller. This is basically the final statement saying you are approved for the loan. The date will be based off the type of loan, as well as your lender. Some lenders are quicker than others, while others take much longer to get everything approved. If this date comes and goes and there is no loan commitment, the seller generally has the right to terminate the offer and walk away from the deal.
Concessions & Other Items:
Do you want the seller to pay a portion of the closing costs? Then you'll need to make sure this goes into the real estate contract. Also, any items such as appliances or movable objects that aren't attached to the home that you would like to stay need placed into the offer. The most common are bathroom mirrors or vanities that the seller may intend to take with them.
Inspections & Remedy:
You will want to make sure you discuss a time frame with your agent that will allow you to have any inspections (general home inspection, termite, radon) completed. The standard in central Ohio is ten days; however, this can be negotiated to be longer or shorter between the buyer and seller.
Once the inspections are done and you've had a chance to look over any reports, as long as the home is not being sold "as is," your agent should have given you a written into offer a timeframe known as the "Remedy Period." This is a set amount of days that the buyer and seller will agree upon where they can negotiate back and forth any "remedies," or fixes to the home that were discovered during the inspection.
Final Walk-Through & Closing:
Another date that will be written into the offer is a "closing date." Closing, or when you'll sign all of the final paperwork, must happen on or before this date. Typically, your agent should allow a time period of 48 to 72 hours for you to walk through the home and make sure nothing has been damaged since the inspections you had completed.
The last item in the offer will be the date of possession. It most commonly takes place at the time of closing, but it can be negotiated between the buyer and seller when the offer is submitted.
Josh Uminski - Your Realtor for Columbus and Central Ohio Real Estate
Berkshire Hathaway HomeServices Professional Realty