Your Offer: You've been looking at homes and you finally found one that meets your criteria and your ready to take the next step of making an offer. This is where your broker or agent really comes in handy if you are using one.  The following tips should help you in making this process go as smoothly as possible.

1. Your offer should be based on local market conditions, how well the home is priced, how fast homes are selling and if they are selling close to or at the list price. In active markets homes sell for close or at the asking price. They may even seel for a premium over the asking price if more than one party wants the home. In slow or slower markets homes may sell for 3-5 percent less and possibly more.

2. Have your broker or agent  provide you with the most up to date market analysis possible. That way you will ensure that you are not overpaying for the home or property. If you miss this step you may buy a home that was overpriced to begin with.

3. Be careful about making an offer that is too low.  You may offend the sellers who then may become tough negotiators.  There also might be another buyer who is btter informed and looking at the same home who makes a more reasonable offer and lose the home to them.

4. Know how much you can afford. By now you should have neen pre-qualified for a mortgage and you should know how much home you can afford. If you are not qualified, talk with a loan officer or mortgage broker and get qualified so you can complete the purchase.

5. Make the offer contingent. Be sure you include all contingencies in your offer and they are in writing. As a minimum they should cover, Insurability of the home, Final approval of financing, Home inspection, Appraisal, Termite inspection etc......   That way you have the option to cancel the sale should anything come up during this part of sals process and not be forced into buying the home or property.

6. Set a time limit on your offerwith you broker or agent. A time limit lets the seller know that you are serious about buying the home or property. You want to set a limit that is reasonable say 24 hours. Usually this is more than enough time for the seller  to look your offer over and make a decision to accept the offer, reject the offer or make a counter-offer. If an extension is requested  you can have your agent approve it verbally but get it in writing as soon as possible. Also have you agent find out  the reason for the extension such as if there is another offer pending.

7. Make sure you have the earnest money to put down or readily available.  Earnest money is a check or money order that you give to either the listing or buyer's agent that will be deposited in the brokers account. The earnest money hoes towards the purchase price of the home or it can be used to help with closing costs if you are going to have 100% financing on the home or property. While earnest money can be as little as $500.00 for existing homes or construction it can also be as high as $3000.00 or more. You should put down as much earnest money as possible. If for one reason or the other the sale does not take place you get the earnest money back depending on the terms of the contract.

8. Buying a home can sometimes cause people to find themselves in a state of high anxiety. If this happens step back and take a deep breath. This may be your dream home and you may really love and want this home. However, you don't want to make the mistatke of over paying for the home. There will be others. So stand firm on your price range and don't fall into the trap of over extending yourself.

9. You've finally made your offer. One of three things will now happen:

     a. It will be accepted and you will start the closing process.

     b. It will be rejected in which case you can make another offer.

     c. You will receive a counteroffer which you can accept or counter with another offer. Please remember any changes made to the initial offer must be in writing in order to be valid.