Step 7: Receiving an offer.

As stated earlier, in Massachusetts the process of purchasing a property, for the most part, is a two step process. A buyer will utilize an Offer to Purchase to state how much they would like to purchase your house for and the terms and conditions to achieve that end.

• Purchase price.
• Length of time the offer is good for.
• Date of inspections.
• Date for signing the Purchase and Sales Agreement.
• Dates for making their loan application and for obtaining the final mortgage commitment.
• Closing date.
• They may also incorporate any additional requests such as including certain items in the house, i.e. washing machine, etc, or anything else that they would like as part of the transaction. Keep in mind these are requests, and you are not obligated to accept any of the requests being made.

Once everything is agreed to the next step is for the home inspections to take place.

Should there be issues that come up after the inspection is conducted, the buyer may ask that certain things from the inspection be addressed by the seller. Both parties can either agree that the seller will make sure the issues are addressed prior to closing, or make an allowance in the price, or the seller can give money to the buyer. If the latter is done, then the buyer can take care of any of their concerns once they own the property. Whatever is agreed to will be incorporated into the Purchase and Sales Agreement.

For clarification lenders will not allow sellers to give money back to buyers; however, they will allow sellers to pay money towards the buyer's points, closing costs, and pre- paids.

For those who have a property to sell in New Hampshire the process is basically the same with the exception that a buyer will present a signed Purchase and Sales Agreement to a seller. The provisions in the Purchase and Sales Agreement will address the same issues as noted above.

We have just touched the surface regarding offers. Other things that can come up in the offering stage often deal with timing as well as other issues that are better addressed in detail. Please feel free in giving us a call with any questions.