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Making an Offer

Making an Offer on a Santaquin Utah Home

Writing a purchase offer on a home in Santaquin, Utah is a very important part of the buying process.  Realtors in Santaquin Utah use the designated Real Estate Purchase Contract.  This is the same form that is used throughout Utah County.  If you are planning to buy a home in Santaquin, you should teach yourself as much as you can about writing a purchase offer.  Here are some tips that you can use.  If you need help making an offer on a home in Santaquin, Utah let Team Teasdale know.

Get to Know the Real Estate Purchase Contract

There are many forms available in the real estate industry.  Knowing the right form to use will save you a lot of time and frustration when buying a home in Santaquin, UT.  Some of these forms might even look similar and seem to be the same.  If you are not sure, ask your real estate agent for some help.  Feel free to contact Paul Teasdale with any questions.  If you are buying or selling a for sale by owner Paul would be happy to provide free forms for you to help facilitate your sale. Here is an example of a Real Estate Purchase Contract. The image below is the first page of a six page contract. Many other forms are needed when buying or selling a home in Santaquin Utah.

making an offer

What is a Good Price on a Santaquin Home?

If you really want a home in Santaquin Utah you might be tempted to offer the seller an additional sum on top of the other offers that he gets such as “$5,000.00 more than the other offer”.  Unfortunately for you, this type of offer is not allowed.  This statement would be considered open-ended. I have had a few offers with a clause similar to this one. I ask the Realtor to re-write the addendum. You would be better off determining the actual price you are willing to pay and mention this in your purchase offer.  If you are the only bidder on the home you may have the time to negotiate a lower price. Multiple offers on a home can be tricky when making an offer on a home in Santaquin, Utah.

Putting Down Earnest Money

A earnest money deposit will make your offer binding on the seller of the home in Santaquin, UT.  This can be in any of several types.  You can use cash, a real estate property, a personal or cashier’s check, or even promissory notes.  Make sure that you determine clearly who will be holding the deposit.  In most cases your Realtor and their brokerage will hold your earnest money deposit on the home. Earnest money deposits are sometimes held by title companies. I have closed on homes where the earnest money deposit was anywhere from $1 to $30,000.

Disclose Your Down Payment

The down payment is usually cash, but it can also be in other forms such as stocks or any other asset.  Whichever you decide to use, be sure to disclose it in your purchase offer.  The more you can put down the more solid you will look to the seller.

Determine the Price of the Santaquin Home

There are many different financing terms available when you purchase a home in Santaquin.  Make sure that you inform the seller of which particular type you plan to use.  Most buyers in Santaquin are doing a FHA or conventiional loan.

Contingencies on a Home

The contingencies are an important part of the purchase offer that you will make on your prospective home in Santaquin Utah.  Put contingencies regarding inspections of the house, appraisal of the house, and loan funding.

When Does a Buyer Take Possession?

Buyers and sellers usually have different expectations regarding the possession of the home being sold. Never assume that your seller expects to hand over possession of the property in Santaquin, UT on the same day that you expect it.  Specify the possession date that you want on your purchase offer.  Most offers give the seller 24-48 hours to vacate the home after it has funded and recorded. It is unreasonable but common for a buyer to ask for the seller to be out at funding and recording. A seller needs time to pack up the home, move and clean the home.

What Lending Fees?

Ask about all fees that need to be paid before you make a purchase offer.  Different types of loans will require different fees.  You need to know which fees the seller can and will pay. It is common for a buyer to ask the seller to pay the closing costs when making an offer on a home in Santaquin Utah.

Seller Property Disclosure

If there are some things you want to know about the home in Santaquin that you intend to buy ask about it upfront.  You should always request a Seller’s Property Disclosure form.  This is where the seller discloses all (if any) of the defects with the property in writing.  A seller is required by law to make a full disclosure of any defects with the property. Be sure to request a copy of the seller's property disclosure when making an offer on a Santaquin Utah home.

Expiration Date and Time of Posession

You should provide enough time for the seller in Santaquin, UT to respond to your offer but you should have a limit too.  Ask your real estate agent about how much time you should provide.  Typically one would give 24 hours for a seller to respond.  If it is Saturday you usually give the seller until Monday if you are making an offer.

A purchase offer for a potential home in Santaquin Utah is essential but sometimes, you might get lost with the ins and outs of the process. Why not call Paul Teasdale from Team Teasdale Realty? He has been selling homes in Santaquin since 1995.

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