South Carolina Mortgages & Home Loans - SC Mortgage / South Carolina Real Estate - SC Real Estate

This brings out the importance of finding a good reputable real estate agent who can aid in your offers and contracts.When you make the offer, back it up with a $1000 check and be sure to enclose a copy of an up to date valid mortgage credit approval letter from your lender, so the seller knows you are serious about buying and are approved for financing. 

Listing agents are always suspicious of offers. On the deposit check write a memo that they are not to start escrow with it unless the seller accepts your explicit offer price and terms as listed in the contract.  Be sure you have a good property attorney give you an iron clad contract that protects you should you have to cancel the sale. 

Valid reasons for getting out of the contract are financing falling through, termites, bad title, undisclosed liens, bad inspection, the sellers are in divorce, the property is tied up in probate, you cannot sell your existing house in time, etc. Make sure the sellers know you'll give them a quick close. Make sure you have enough contingencies in your contract to protect you, but not too many that might spook the sellers.  

Standard contingencies might include your ability to get financed by the bank with the fees and interest rate you declare in the contract.   This can allow you a way out if the bank suddenly decides to bump up your APR 2% or tack on some fees that you did not expect.  Another contingency is a land survey.

Many buyers like to also add a time limit or list a date that closing will take place.  Many people don't realize how powerful an ally this clause can be.  If the seller wastes too much time, the buyer can lose heir mortgage rate lock-in, call off the deal and get their deposit back from the escrow company.  If anything else goes wrong with the deal, like the sellers turn sour on you, or pull any other scam and do not give your deposit back, the time limit clause will expire and ride in like a rook at the end of a chess match to help you declare checkmate!

A good clean title is usually another contingency, showing the house is free of liens, along with engineering inspections and termite inspections.  Another good one to consider that few people stop to think about is restrictions, easements, and limitations or zoning changes that appear on the plat, which were not disclosed to you by the sellers.