Northwest Atlanta Properties

Home | Client Forms | Contact | (770) 726 -1454
  • Property Management
    • Property Management Services
      • Property Management Forms
      • Properties Recently Rented
      • Rental Value
    • For Tenants
      • Tenant Information
      • Tenant Forms
      • General Information for Tenants
      • General Questions and Answers
      • Tenant Move-Out Information
      • Emergency Procedures for Tenants
      • Utilities
  • Real Estate Sales
    • Looking to Purchase? Search Here!
      • Search Our Listings
      • Our Recent Sales
    • 1031 Exchange Overview – GA Edition
    • What Is My Home Worth?
    • What to Expect in an Offer
    • For Sale By Owner Resources
  • About Us
  • Testimonials
    • We Want to Hear from You!
  • Blog & Newsletters
    • Blog
    • Newsletters

What to Expect in an Offer

Congratulations you have an offer (or you are expecting to get an offer and want to be prepared.)! One of the advantages you have in working with Northwest Atlanta Properties is that we’ve been in Real Estate for over 38 years and have seen literally thousands of contracts. We know how to review them, explain them clearly to you, and to negotiate ferociously on your behalf.

We’ve written this paper to discuss and point out items that may be of interest to you. Here’s a section-by-section breakdown or what we look for when we receive an offer:

 

Page 1 Key Terms and Conditions

1-A. Property Identification – is the address correct?

1-B. Legal Description- legal descriptions are found in the tax records or recorded documents of your property. If the legal description is not present please look at your security or warranty deed that you received when you purchased your home to find to correct legal description. You might also go to www.gsccca.org to find this information and create a limited user account.

Purchase price – pretty self-explanatory. It’s what they are offering.

Closing Costs – this is the amount that would be credited to the buyers from your proceeds at closing. It may seem “unfair” however many costs that are normally paid (in other states) by a seller are paid for by the buyer unless accounted for here or in the special stipulations. The buyer pays for surveys, Title Insurance, and Termite Inspections unless otherwise indicated.

In most cases we recommend that you allow for the closing costs if they are asked for; if needed we can even raise the purchase price to above your asking price (providing the appraisal will be able to come in that high.) We recommend this because in most cases if they can’t get a seller to cover closings costs they can’t buy a home. Closing costs do not include the commissions owed (covered by the listing agreement and an addendum between the cooperating brokers) and the few fees the state and the closing attorney does make you pay: payoff charges, overnight fees, transfer taxes and recording fees.

Closing and Possession: Check the closing date; does this work for you? And does the possession work for you also? Once this is accepted it will take negotiation and an addendum to change them. Don’t schedule movers until due diligence is satisfied and the appraisal is ordered.

Holder of Earnest Money – this is usually the buyer’s broker or the closing attorney. The earnest money is not yours or the buyers once deposited into a bonded account.

Closing Attorney or Law Firm- We can work with anyone but prefer Ohlson and Medlock if you don’t have a preference. They do a great job and are significantly less expensive.

Earnest Money – We recommend 1% of the sales price. It is accounted for on the closing forms. If the contract falls apart the money generally goes back to the buyer but this may be negotiated or forfeited to you if the buyer defaults on the contract.

Inspection and Due Diligence – We recommend 10 to 14 days here. This is the time frame from the Binding Agreement date that the Buyer has to complete all of their due diligence – including financing and all inspections (unless there is a separate financing addendum that has a different time period). The buyers have the right to do the inspections and request either repairs or a dollar amount to satisfy their findings during this period. If for any reason, the buyer chooses to terminate the contract in this due diligence time frame they are free to do so without any penalty. We recommend that you instruct us to keep showing your home for a backup offer.

Lead-Based Paint – IF your home was built prior to 1978 and/or if you have components from a home that was built prior to 1978 in your home (like an antique mantle place or a reclaimed door) make sure there is a Lead-Based Paint Exhibit attached (checked off in Section 6 on page 6.) The fine from the EPA for not initialing and signing this exhibit could be hefty ($66,000!). If you have any questions about this, give us a call.

Brokerage Relationships in this Transaction – this just outlines who is representing who in the transaction and if you or the buyers are related in any way to any of the agents that it is disclosed.

Time limit of offer – this is the time stated that the buyer wants your response by. If you are countering be sure to fill in this section on the counter offer and allow them 24+ hours to respond.

It’s ok to initial the bottom of page 1

 

Page 2

Section B

Purchase and Sale – a. This says that you own the home, have a warranty and that you have clear title. b. The buyer can order a survey and c. The buyer will get title insurance (mandatory if there is a mortgage and many Attorneys will NOT close without it.)

Purchase Price to be paid by Buyer: in US dollars

Closing Costs: a. States how any closing cost credit will be spent. b. Outlines some fees the buyer must pay c. Everything is prorated at closing so items you’ve paid in advance or haven’t paid for yet are accounted for.

Closing and Possession – a. This one is important – closing can be unilaterally extended for 8 days if the buyer mortgage or the title company needs an extension. b. You need to provide one set of keys to everything, any clickers etc. at closing/possession.

The holder of Earnest money – very rarely a problem but it covers what happens to the earnest money check and what happens if it bounces.

Closing Attorney/Law Firm – They represent the lender or the buyer if there is no lender. We can recommend, but the buyer ultimately picks them.

 

Page 3

Earnest Money: a, b, c, d cover what happens if the contract falls apart. Experience has shown that if the buyer feels entitled to it then it’s often best to give it back. We can fight for it and that often is impractical, timely, and more expensive than moving on to another buyer.

Inspections and Due Diligence:

Right to Inspect Property -the buyer has the right to expect reasonable access to conduct inspections. Experience has shown that the home inspection takes 3 hours or so and you shouldn’t be in attendance. The buyers also will inspect the day of or the day before closing to make sure everything is satisfactory. It is customary that the home is clean, the carpets are clean, there is no debris inside or out, and that the yard looks nice.

Duty to Inspect Neighborhood- the buyer can also inspect the neighborhood.

Warranties Transfer: if you have a roof warranty, appliance warranty etc.- you must transfer them to the buyer at their expense.

Property to be sold “as-is” unless this agreement is subject to a due diligence period – no due diligence is very rare but even if the buyer does buy as-is you are required to disclose certain items as per this section of the contract. This also says that if there is a due diligence period the buyer may ask/negotiate an addendum and/or terminate the contract.

Repairs: This causes all sorts of problems (what exactly is good and workmanlike manner?) So many times we suggest that if there is a negotiation that we come to an agreement with a dollar amount that the buyer can use after closing to fix any agreed to items. (Like an antique mantle place)

Lead-Based Paint – this has been covered.

Brokerage Relationship in this transaction – a, b and c define the brokerage relationship, how we get paid, and limits my liability. It’s boilerplate.

Time Limit of the offer – an offer must be accepted and the other side notified that it was accepted prior to the time filled in.

Other Terms and Conditions

Generally – it’s the burden of the person giving the notice to prove delivery. Most are done by email – we keep an extensive record of all emails pertaining to your transaction and recommend you do also. Email is sent to the proper email constitutes delivery. As your broker delivery to me is equal to delivery to you.

 

Page 5

Default: a,b and c are boilerplate saying we call all sue each other is something goes wrong.

Risk of damage to the property – you will delver to the buyer at closing the home in as good or better condition as of the date of the contract going binding. Keep your insurance until 2 days after closing. If something happens we need to disclose it to the buyers.

Other provisions – boilerplate and definitions that make things clear.

 

Page 6

Cyber fraud – beware of cyber fraud – do not send wiring instructions unless you have verified it with the closing attorneys.

Exhibits and Addenda: If checked they become part of the contract. They would each need to be examined closely, and the most common addendums are the financing exhibits (All Cash, Conventional, FHA. And VA); the Lead-Based Paint Exhibit, Payment of Community Association Fees Exhibit, and the Sellers Property Disclosure Exhibit. The others are fairly rare to see and if they are a part of your contract we will discuss them so that you are comfortable with them.

The financing exhibits are critical to the transaction. They outline the down payment, loan amount, interest rate, and appraisal contingencies. We recommend you examine and approve each portion of this exhibit as if the home doesn’t appraise, the interest rate rises beyond what is put in the exhibit, or the buyer doesn’t qualify for the loan, then the buyer may cancel or extend the contract with no or limited penalties.

The Lead-Based Paint Exhibit only applies if your home is built prior to 1978 (or if it has components from a home built before 1978) is fairly self-explanatory but must be filled out by you. There are some brokerages that demand this be filled out even if your home was built after the deadlines.

It goes for the Sellers Property Disclosure Exhibit. In some states, it reduces your legal liability, but in Georgia (a buyer beware state) it’s for due diligence purposes only. So most agents want a copy of it before making an offer (or within a day or two after an offer being accepted.) It’s a long form and you should fill it out 100% truthfully – disclose, disclose, disclose. NTMK (not to my knowledge) is acceptable if you aren’t aware of termites, etc.

The Payment of Community Association Dues is VERY important if you belong to a homeowners association. There has been a lot of misunderstanding over the Home Owner Association Fees (HOA) and initiation fees, clear letter fees, how they are paid, and who pays them. Some associations are harder than others to get information on. We suggest you contact your HOA immediately and get all the information you can possibly get. This form clears up who pays and what is paid but must be filled out correctly.

 

Page 7 – Special Stipulations

Anything written here is important – and needs to understood thoroughly. If your offer has anything written here it will supersede anything printed in this offer. We will discuss these items with you one by one.

 

Page 8

Is the signature page and should be filled out as completely as possible. The Binding Agreement Date is there to show that both sides have completed and agree to this contract. Do not sign or fill in the Binding Agreement date if you are going to counter the offer in any way. There’s another form for counters.

 

The COUNTER OFFER Form (F22)

Looks a lot like the first page of the offer to purchase and should be filled out as if you are making an offer to the buyer. Usually the changes made are in Part E and Part F. Make sure to put a time limit on the counter offer; this is the form that should be signed.

 

 

Real Estate Sales

  • 1031 Exchange Overview - GA Edition
  • What Is My Home Worth?
  • For Sale By Owner Resources
  • For Sale By Owners: Ways to Make Your Zillow Ad More Effective
  • 12 Reasons to List During the Fall and Winter Months
  • What to Expect in an Offer

Latest From Our Blog

We’re in a Sellers’ Market. What Does That Mean?

Even though activity in the housing market has slowed from the frenzy we saw over a year ago, … Read More...

4 Key Tips for Selling Your House This Spring

Spring has arrived, and that means more and more people are getting their homes ready to sell. But … Read More...

How Homeownership Is Life Changing for Many Women

Throughout Women’s History Month, we reflect on the impact women have in our lives, and that … Read More...

View Full Blog >>

More from Our Clients

“You can invest in the best markets in the country but if you don’t have a great management team looking after your investments you can still lose money. That is why I stick with Northwest Atlanta Properties. I tell people it is like buying a mutual fund. You buy a property and the fund manager does the rest. If he does a good job you buy more. That is why I am buying more.”

Jamie Neely
Jamie Neely

“Great Service, everything was wonderful”

Gary Thurman
Gary Thurman

“What a Fantastic Job you guys did! I knew I wanted to hire the team the moment I met them. They are spot on. They did all of the legwork, and at times seemed to move mountains for us. We truly could not be happier!”

Johnston
Kim Johnston

“You guys are the best! I was so scared to pull the trigger on this and you have gone above and beyond to make things go smoothly. You guys are the best!! Many mahalos”

Maili
Maili

“Mike and Jon are the best! They made everything so easy!”

Andy Sexton
Andy Sexton

“This is our second transaction with Mike, Jon, & Donna. I Recomend them to everyone I know!”

Vic & Tammie Pecora
Vic & Tammie Pecora

“I just bought a home in the Woodlands! If you need a great realtor, Jon Burke with Northwest Atlanta Properties was Awesome! He was very knowledgeable and there for me every step of the way!”

Patty Cunningham
Patty Cunningham

“Many Thanks, Jon, Mike for outstanding service & support”

Ritesh Betala
Ritesh Betala

“We went from knowing that we could never buy a house to owning our new home!”

Don & Kris
Don & Kris

“Couldn’t be happier. Looked at houses one weekend, picked our favorite. That’s the one we bought. Got everything we wanted and more in negotiations. They held our hands through the entire process, going above and beyond at every opportunity. NWATLP Introduced me to my now lender, my inspector, and even helped me pick a home warranty! ‘One and Done’ should be their new catch phrase!!!”

Elizabeth W.
Elizabeth W.

“Wow, we ended up being one of those people who sold their house in a day. Mike and Donna delivered exactly what we asked them to do and we are so happy we trusted intuition and our friends.”

Chris G.
Chris G.

“Seriously, you were great!”

Dan & Mimi Murray
Dan & Mimi Murray

“This was our eight transaction. It went as smoothly as possible and sold in two days!”

Marc Bootman
Marc Bootman

“We were blessed to have Mike and Jon sell our house. They were extremely professional and stayed in great contact with us. We interviewed 7 agents and they were simply the most prepared and had the most logical marketing plan. Their pricing spreadsheet really made a big difference. We highly recommend them.”

Daren & Sandra Woods
Daren & Sandra Woods

“I can hardly believe we made it. Thanks for your patience with me and the loving guidance you
gave.”

Lynn Bodenstein
Lynn Bodenstein

“Just wanted to take a moment to thank God for sending you to us. You made the sale of our house grace-filled andeven fun with your humor. And, literally, you have driven all over the place trying to help us find the right home nowthat you sold ours. You get 5 stars and my personal recommendation which I don’t give out lightly. Thank you forbeing a man of excellence!”

Jay & Becky Harmon
Jay & Becky Harmon

“Mike and Jon helped us find a home that we love! They answered every question with professionalism and ease. They made the homebuying process so smooth! 5 stars to Northwest Atlanta Properties, we will recommend them to anyone looking to buy or sell their home!”

The Kornegay's
The Kornegay's

“Wow. Service with a smile. Knowledgeable and gave me all the info needed to find and buy our perfect house.”

Adam Winnie
Adam Winnie

“First of all, I want to tell you how happy and fortunate we are to be working with you. I love the way you are with people. You’re so calm & attentive and present. And it was wonderful how you had taken pictures before the meeting. So we are so lucky to have you on our team. Thank you, Jon!

The Fabozzi's
The Fabozzi's

“The BEST out there. I loved how I would get an email when the house was shown. I was always super informed! Super professional in all aspects!! Thank you, Mike!”

Kristy Haines
Kristy Haines

“Northwest Atlanta Properties sold our house for the highest price in the neighborhood; EVER! That can’t be beaten! “

The Louder's
The Louder's

“My Wife and I became first time home owners in Sept. Northwest Atlanta Properties guided us every step of the way. They introduced us to several lenders, Home inspectors, and Appraisers. They were always concerned with what we thought and our preferences. We went out One Saturday and saw 6 listings. We put in an offer on the one we liked and Got it!!! They stepped in and made negotiations easy as well as prepped us for the eventualities we faced. They should change their slogan to “One and Done” We will never use anyone else.”

Josh
Josh

“This family-owned business was a joy to work with! They listed to exactly what we wanted and put our priorities above their profit margins. I never felt pressured to go into a higher price point then we were comfortable with. They showed us several homes in the areas we were considering and worked with us every step of the way. We were new to the state so relied on their expertise to find us the perfect community for raising our children. I was in constant contact with Donna, Mike, & Josh who never made me feel like I was bothering them. Their many years of expertise made me feel safe and confident while looking for our home. I couldn’t recommend them enough!!!”

Katherine B
Katherine B

“If you are looking for carefully curated experience combined with friendly and understanding customer service then this is the place for you! This is a company that puts their every effort into finding you the perfect home. I spoke with Donna and Mike Stott, Jon Burke, and Josh Weinberg and they were absolutely fantastic. I never felt rushed and they listened to my idea of my perfect dream home with rapt interest that resulted in a selection of beautiful properties and houses. I can’t thank them enough for their experience, time, and attention to detail.”

Alexis
Alexis

“It was a pleasure working with Mike and Donna on getting their properties scanned for 3D tours! Responsive and fair, I would love it if all my clients were this way 😉 Thanks so much for the great relationship!”

Sasha B
Sasha B

“Mike was my listing agent and I had what we both knew would be a hard sale. I went though several other agents and Mike was the one who put in the hard work to get a contract and most importantly closed. It was not an easy process but he made it happen. I highly recommend.”

Ryan Jacobs
Ryan Jacobs

Mike, we had the best realtors in GA❣️😘 thanks to you and Donna we found our dream home! We highly recommend Northwest Atlanta Properties!

 

Ellen Rich-Fox
Ellen Rich-Fox

“Outstanding! I wish every realtor was this thorough! Thanks!”

Frank MUSCENTE - Owner, a closer look
Frank Muscente, Owner, a closer look

“Couldn’t of been easier, best realtor service I have ever had”

Amos Cordell
Amos Cordell

Donna, you and Mike are not at the top of my list of Realtors — YOU AND MIKE ARE THE LIST!!📣

Aileen

Northwest Atlanta Properties

Home Sales & Property Management Services

Professional real estate services for Sellers, buyers, owners & tenants. Specializing in the Northwest Atlanta communities of Roswell, Marietta, Alpharetta, Milton, Woodstock, Kennesaw, and the Surrounding Areas.

Contact Us

We look forward to hearing from you!
Office: (770) 726-1454 anything@nwatlp.com

3380 Trickum Rd Bldg #1300 Suite 100 Woodstock, GA 30188

Be sure to follow us!

Follow by Email
Facebook
Facebook
fb-share-icon
LinkedIn
LinkedIn
Share

Copyright © 2023 · Northwest Atlanta Properties · Website by Visule Web Media

Copyright © 2023 · Executive Pro Theme on Genesis Framework · WordPress · Log in