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Homebuying Step #5: Making an Offer on a Property

Discover the elements of a winning offer, the art of negotiating a contract, and what follows when an offer is approved. Consult with a licensed real estate agent in your area for specific guidance on the laws and procedures in your state.
 

Before we start, it's important to note that the laws, procedures, and contracts for buying a home can vary from state to state. This post will provide information specific to Oklahoma rules, regulations, and common practices.

Your agent may include/adjust these factors to make your offer more appealing to the sellers:
Proof of Funds: Providing proof of funds can be a compelling factor in your offer. You can provide a pre-approval letter or screenshots of your bank account with the account numbers blacked out.
Earnest Money: Typically, the earnest money deposit is 1% of the offer price, but a higher amount can demonstrate confidence in your purchase.
Title Company: Some sellers have a preferred title company, and it's important to check if there is one.
Closing Date: The closing date is an important aspect of the offer, and it's vital to ensure that it works for all parties involved.
Cover Letter: Including a cover letter with a summary of terms can make it easier for the listing agent to understand your offer.



Other Variables Here are some other variables to consider when making an offer:
Financing: The offer should include how you plan to purchase the property. If you're using a loan, the offer should include the loan type.
Inclusions/Exclusions: If you want to include or exclude certain items from the sale that are not typically covered, you should include them in the offer.
Inspection Period: The standard inspection period is 10 days, but you can ask for a longer period.
TRR Negotiation Period: The TRR negotiation period is the time given for treatments, repairs, and replacements to be negotiated. The standard period is 7 days.
Termination of Offer Time: The offer should specify the amount of time before it is terminated if it is not accepted or formally rejected.
Home Warranty: A home warranty can provide peace of mind as it covers appliances and systems that standard home insurance doesn't cover. You can request the seller pay for none, a portion or all of the cost.

It's crucial to understand everything you're signing. Before you sign the Residential Sales Contract, make sure to read it thoroughly and ask your real estate agent questions about anything you don't understand.

After submitting your offer, the seller could accept, decline, or counter-offer. If the latter happens, you have three options: accept, decline, or counter their offer. Negotiations can go back and forth until both parties agree or someone chooses to walk away.
When your offer is accepted, you'll need to provide an earnest money check made out to the title company, which your real estate agent will deliver and disperse the receipt. Congratulations! You are now officially under contract!
This period is called the contingency period, during which inspections, appraisals, or any other provisions outlined in your purchase agreement will take place. *Remember to consult with a licensed real estate agent in your area for specific guidance on the laws and procedures in your state.
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