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Offers And Counter Offers Rosarito Real Estate 

 

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PURCHASING PROPERTY IN THE ROSARITO BEACH AREA

 

About Offers & Counter Offers

This is the time to think carefully about what you want and what you can afford. If your offer is accepted, it becomes a legally binding contract. Make sure you don't include anything in the offer that you're not totally comfortable with.

WARNING!!! No verbal offers or counteroffers. All offers and counteroffers need to be in writing. If your agent is not presenting your offers in writing, Get A New Agent!

TYPICAL OFFERS INCLUDE:

1. Property Description

This will include the legal address along with the property description.

2. Purchase Price

Remember, the seller may counteroffer with a higher purchase price - consider that when you decide on your proposed purchase price. A professional agent will advise you during the negotiations so you are able to get the best terms and price possible.

 

3. Earnest Money

Is a very important part of the offer. It shows that this is a serious offer and you are a committed buyer. Most earnest deposits are 3% but can be as little or as much as you and your agent see fit. Obviously, the more Earnest Money that is presented with an offer, the better chance you have of getting your offer accepted. It is important to be aware that if you do not meet the terms of your offer/contract, all or a portion of your earnest money may be forfeited to the seller.

4. Consessions

This includes things you'd like the seller to help pay for or contribute to, like closing costs or home repairs.

6. Contingencies

Your offer can be presented with “contingencies” for certain events and those events have to happen in a certain way and time, in order for the sale to continue. Below are two examples of the most common contingencies:

1. Financing. You can state that your purchase is contingent on your loan approval and you will need a specific amount of time to get that approval or the offer will be canceled

2. Home inspection. You can state that you must receive a satisfactory property report from the inspector within a certain time frame of the accepted offer or it becomes void. You must state how much time you will need in order to have the property inspected. It is recommended to have this done immediately and in the shortest amount of time as possible in order to have a strong offer. (You can always choose to amend the offer rather than cancel it in order to fix or discount any needed repairs)

8. Closing Date

This is where you will state how much time you will need to close the transaction. You will need to take into consideration all of your contingencies, including property inspection and financing needed. It is important that you give yourself enough time so you do not fall out of contract and do not meet the terms of your agreement. It is highly recommended that you speak to a closing professional in order to best understand the time you will need to close.

9. Closing Company

Here you will state the company that will be performing your closing services. It is advised you speak with your agent in order to find the right closing office to meet your needs. (Many deals have fallen apart in the closing process because of inexperienced closing officers. Sometimes the cheapest is not always the best option).

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11. Property Disclosures

 

Here you will request that the property owner discloses:

  • Liens
  • Taxes Owed
  • Property Defects
  • HOA Balances
  • Legal Notifications
  • And anything else that should be disclosed about the property

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