Congratulations! You’ve found the Wilmington home you’ve been dreaming of. You should now make an offer on it. As your New Hanover Realtor, I will draw up a written proposal of the price, terms and conditions. These include:

• Sale price
• Type of deed
• The address and legal description of the property
• Terms
  1. Provisions for payment for termite inspection, etc.
  2. Method of taxes, rents, etc. (to be prorated)
  3. Inspection contingency
  4. Time limit of the offer and date of expiration
  5. The amount of earnest deposit, method of payment (check, cash or promissory note), how it should be returned if rejected by seller and kept (for damages) if the buyer backs out
• Seller’s promise to give ownership
• Target date for closing
• Other state requirements

Remember to keep these things in mind:

• The length of time the Wilmington house has been on the market—each month of vacancy costs the seller more money, so if the home has been on the market for several months, you may be able to negotiate a discount.
• Competition—if the market is competitive, then you may want to offer the list price or higher.
• If you can pay with cash in full or are already pre-approved for a mortgage, you may have an advantage over other competitors. You may also have the upper hand if you don’t have a house to sell before you are able to buy.
• Sellers often want to avoid a drawn-out negotiation process. If you can offer a prompt deal, they are more willing to negotiate for a bargain.

After you’ve made your proposal, I will give the offer to the seller’s Realtor (if different) or the seller, who will then review it. You can withdraw the proposal at any time, until the formal acceptance of the seller. But it is recommended that you visit a lawyer before withdrawing, so that the withdrawal is easy and cost-free. If the seller approves the offer as is, then it becomes a firm contract. If the seller rejects it completely, you are permanently, legally free from the terms, conditions and price in the proposal. However, the seller may approve the contract, but require a few changes. If this occurs, the proposal returns to you for our review. The counter-proposal process can last until both parties—buyer and seller—are satisfied. The contract is only binding when one party signs the offer made by the other.

So, now you know what to expect when making an offer on the Wilmington home of your dreams.

Got a question? Ask me now!

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