how to put an offer on a house?

[soontobe]

so there is a house that just can come on the market and their deadline for offers is Thursday. (things go very quickly around here). anyways we don't have a lawyer or a realtor so how would we go abt putting an offer in?

disclaimer-we weren't planning on house buying for another few months, which is why we aren't ready, but it is very nice and what we are looking for-so we thought we should probobly put an offer in even though we don't have time to do it the 'conventional' way

[khalloc]

I would talk to a lawyer who specializes in real Estate or get a realtor. Because there are lots of things that go into an offer than just price - closing date, things like who will pump the septic if there is one, radon tests, inspection contingencies. Maybe you could find an outline to do your own online somewhere.

[ohsara430]

Honestly I'd say get a lawyer or agent to represent you. You can make an offer on your own but people are most familiar with offers from agents/lawyers so they may not like an offer straight from you. Since you've already found the house I would contact a lawyer to rep you and make the offer. In most areas the real estate agents (and lawyers for that matter) use a form contract. It doesn't take long to get someone to help you should be same day really.

[soontobe]

do lawyer charge u even if you dont end up buying the house?

[mommylamb]

I'm not sure why you would get a lawyer for this. Just get a realtor. You don't pay anything for a buyer's agent anyway (their pay comes from the seller). I know some people just use the seller's realtor to write up the offer, but I don't think that's a good idea. It's nice to have someone on your side (though some people would say that realtors are always on the seller's side since the seller pays them).

[mikeys_mom]

You are in Canada - right?
No need for lawyers until you sign a deal. The real estate process is very different from the US.
I would recommend using a real estate agent, though. They know how to negotiate and in today's market where there is not a lot out there, this is very important. No charge for the buyer. Seller pays the commissions.

We have bought and sold houses twice in the past few years and never needed a lawyer until it was time to actually close on the house. We did use a real estate agent both times and it was very helpful.

[pinkmomagain]

When we really wanted the house we are currently in, I knew it would go fast and there was alot of interest, so we put together a packet which we handed to them in person (at the end of an open house) offering their asking price, proof our house had sold, & our mortgage preapproval. They got two other phone offers for the same amount, but they took ours because we showed them we had our sh*t together.

[ahisma]

I'd definitely use a sellers agent, not a lawyer.

[ohsara430]

do lawyer charge u even if you dont end up buying the house?

Yes they charge a flat fee for handling the contract negotiation for you. If you don't want to pay up front, use a realtor. If your state requires using a lawyer for closing (such as NY) or your realtor would strongly suggest it anyway (many other states) then I would just call a lawyer and see what they would charge for the whole thing (negotiating contract & closing).

To answer another poster, you would use a lawyer because it can result in a legally binding contract, the lawyer is truly looking out for your best interests because you are paying them & in some areas realtors tell you to get a lawyer after the contract is signed to deal with inspection issues and closing anyway. It may also be a bonus to the seller that they don't have to pay your agents commission (b/c you wouldn't have one) since you don't need an agent to find you the house.

[soontobe]

i was thinking of just using the seller's agent, but honestly (and not trying to be mean) he has a VERY thick accent and I have trouble understanding him. I feel like for such a big purchase I don't want any misunderstandings.....

I know the buyers agent is "free" but if u dont use one sometimes you can get them to bring down the price-no?

[ohsara430]

i was thinking of just using the seller's agent, but honestly (and not trying to be mean) he has a VERY thick accent and I have trouble understanding him. I feel like for such a big purchase I don't want any misunderstandings.....

I know the buyers agent is "free" but if u dont use one sometimes you can get them to bring down the price-no?

There is really no reason to use the seller's agent especially if their could be communication difficulties. Please get your own - any agent would be happy to work with you because quite frankly most of the work is done, easy potential commission for them.

[mikeys_mom]

i was thinking of just using the seller's agent, but honestly (and not trying to be mean) he has a VERY thick accent and I have trouble understanding him. I feel like for such a big purchase I don't want any misunderstandings.....

I know the buyers agent is "free" but if u dont use one sometimes you can get them to bring down the price-no?

There is typically a set commission rate that the sellers agent has negotiated with the seller. When we bought/sold a few years ago, it was 5% IIRC. The sellers agent agrees to split the commission with the buyer's agent. If it is a slow market or a difficult sale to close, then sometimes the buyer's agent will agree to take a lower cut of the commission so that the deal will go through.

I have a few friends that have been looking to buy homes recently and most of the houses in the more desirable areas have been listed low and end up in a bidding war. In these cases, there is no way the agents will take a commission cut. I'd get your own agent that you trust. They will have your best interest in mind.

[KrisM]

We were in a similiar situation a few years ago. We ended up paying a Realtor $500 to write the offer for us and that's all she did. Prior to this, the seller's knew we were offering and their agent agreed to lower only take her 3% commission. So, we offered less since the seller's then only paid 3% and not 6%.

[eh613c]

You can use the seller's realtor to make an offer.