The agreement and the bid

I found a place that I want to buy. I made my decision on Saturday and gave Jeff a call. We made plans to meet the next morning and draft an agreement of sale.

Because Jeff is such a great agent, everything seemed really easy. We spent a few hours filling out all of the necessary paper work, culminating in the 23 page agreement of sale. It's basically a highly specified play by play of the deal and its terms.


All of this was completed before we even talked about money. The buyer's agent was upfront that there are quite a few other people looking at the property, and Jeff told me that there may even be another offer on the table. With this knowledge, Jeff advised (and I agreed) that we should go with a strong offer. I offered close to the asking price, and still feel really good about my offer. I also recognize that the current asking price is already about $6,000 less than it was initially listed for.

With the agreement, I put down $1000 as a "good faith" deposit, which is refundable if the deal doesn't go through, and goes toward the price if it does. After Jeff scanned everything in and sent it over to the buyer's agent, and I received a seller's disclosure. It's a list of everything they know about the property, and from what it says, there are no known problems, which is great news.

Everything was a lot of work, but now that I'm writing about it, it seemed pretty easy. Today should be the day they respond to my offer. They could say yes, which is ideal. They can flat out say no, or negotiate. It's a waiting game, and I feel good...