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Ten Steps to Home Ownership Series – Part 7

Oklahoma mortgage lending - extending an offer

Step 7: Extend an Offer

During the mortgage process, a lot of time is spent thinking about offering prices but a proposal to buy contains both the price and the terms. This is extremely important to know because in some circumstances the terms can add up to thousands of dollars in added value for buyers or just additional costs. With this in mind, your terms should be carefully reviewed. Our team of Oklahoma Mortgage experts has created a list of the most frequently asked home offer questions and provided their answers.

How much should I offer?

People always say that you should offer a certain percent below the seller’s asking price or a different
percent less that you are actually willing to pay. This makes sense in theory but in practice the offer relies on the simple laws of supply and demand. If numerous buyers are competing for certain homes, the sellers will most likely receive full-price offers and sometimes even more than that. If the demand for homes is low, then offers that fall below the asking price may be accepted.

How is an offer made?

The process for which one can make an offer varies nationwide. In an average situation, you and your realtor will complete and offer that he or she will later present to the owner and the owner’s representative. In response, the owner may accept, reject or make a counter-offer.

It is extremely important for buyers to stay in close contact with their realtors during the negotiation
process since counter-offers are very common. Any change in an offer can be deemed a “counter-offer” and these changes need to be quickly reviewed by a realtor.

What inspections are necessary?

Most required inspections are common to residential realty transactions. They include but are not limited to termite checks, appraisals to decide on a value for lenders, surveys to determine property boundaries, structural inspections, and title reviews.

Structural inspections are one of the most important. During these checkups, an inspector visits the property to determine if the home contains any material physical defects or if heavy repairs and replacements are seen to be required in the near future. For a single-family home, these inspections usually require anywhere from two to three hours for completion. Buyers should definitely attend because it gives them an opportunity to learn about the property in depth and see more than is possible with an informal walk-through. Buyers are able to examine the property’s structure and mechanics as well as ask any questions they may have.

This article was brought to you by Oklahoma Mortgage Bank. Oklahoma Mortgage Bank offers a
wide array of mortgage programs to eligible borrowers nationwide.

If you or someone you know has questions about home financing in Oklahoma or nationwide,
contact our Oklahoma mortgage team: (405) 358-3560 or (800) 308-8503.

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