Does a Counteroffer Agreement Become Separate and Supersede the Purchase Agreement?

I saw this question asked by a seller in the real estate advice section of Trulia and felt I should explain this process a bit better.

First it's very important to understand I am licensed in California and I'm explaining how it works to our state.

In terms of the question my first reaction was neither. It most cases the counter offer is "made part of" the purchase contract. When a offer is given to a seller from a buyer they review the offer and if they do not except all terms they want to counter. The counter is to say I agree with those terms of the purchase offer except these items. Usually foremost is price.

Then the buyer can except those items, saying I except all those items on the purchase contract and your counter one or make a counter two. This can go back and forth as many times needed until both buyer and seller agree. In order to say to stay in contract the Realtors need to make sure all parties involved are adhering to the time frames on the contracts as well.

All terms on the counters and purchase agreement are incorporated into one agreement to open escrow. The escrow officer will then create escrow instructions according to the purchase contract and all counter offers involved. The escrow officer will send out those instructions for everyone to sign again.

There is one exception to this rule and that is foreclosures. Many foreclosures are run by asset manager companies that are outside the state of California. Sometimes they like to make their own contracts that can blanket the country.

You have to be very careful when purchasing a foreclosure and should be using a experienced full time Realtor. There are some banks that send a "counter" which reads at the top that it does "Supersede" the California purchase contract.

If you are purchasing a foreclosure and sign one of those contracts where it states "Supersedes" everything in place on that contract becomes the new agreement and you may loose rights here in California that are written into the California purchase agreement to protect you. If you are signing one of those contracts make sure you read it in detail and have a Realtor, Attorney, or both advising you on the contract.

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What to look for while touring a home at an Open House

There are many things to consider when touring a home when you first arrive at an Open House. Some things you can tell even before you enter the home. I guess it depends on how you came across this Open House to begin with.

If you found the property on the Internet like Realtor.com then you may be unfamiliar with the location. The most important thing to remember is location, location, location. While driving to the Open House make sure you are observing the neighborhood. You can always make cosmetic changes to home but you can't pick it up and move it. (or at least why would you want to). If you are following signs you probably are familiar with the area and the neighborhood. I would always take though of the neighbors on either side.

So with keeping that in mind you should always have a list of "must haves" when searching for property. What is it that you can not live without when buying a house? Do you absolutely have to have a pool or a huge family room? Are you willing to paint even though you prefer "move in ready"? Having a list with you will help you go through the home being able to check off items that are simply a must in your new home.

A lot of times buyers see a home at first and emotionally fall in love with it and forget to look for things that are a necessary must to them. Such as walk in closets or extra storage, multiple outlets in the kitchen, a large backyard, etc. Seeing a pretty home sometimes makes buyers forget about what's really important to them. That's why a "must list" is good to have.

When you are looking at the home to be afraid to open kitchen cabinets or closet doors. Home owners know this will happen and you shouldn't be shy about it. Look under the kitchen sink, see if you see anything dripping or better yet how clean does it look? Looking at these areas is not unethical when buying a home. Ofcourse you don't want to open any furniture drawers or T.V. cabinets because that has nothing to do with the home. But checking whether or not the closet is a walk in is expected, don't be shy.

When walking around the home is best to determine if the "bones" of the house work for you. Does it have enough bedrooms? Does it have that large family room you are looking for? Replacing carpet, paint, or putting granite in can all be considered into the price you want to offer and done after close. Having to remove a wall or add a pool are all really expensive if you are thinking of having to do those things once you move in.

Don't be afraid to ask a Realtor lots of questions about the property that's what they are there for. You won't be wasting our time, it's what we do.

Happy Father's Day

I would personally like to say "Happy Father's Day" to all the fathers in the world and the ones who may not have children but act as a father in a child's heart.

Mrs. John B. Dodd, of Washington, first proposed the idea of a "father's day" in 1909. Mrs. Dodd wanted a special day to honor her father, William Smart. William Smart, a Civil War veteran, was widowed when his wife (Mrs. Dodd's mother) died in childbirth with their sixth child. Mr. Smart was left to raise the newborn and his other five children by himself on a rural farm in eastern Washington state. It was after Mrs. Dodd became an adult that she realized the strength and selflessness her father had shown in raising his children as a single parent.

It took many years to make the holiday official. Where Mother's Day was met with enthusiasm, Father's Day was often met with laughter. The holiday was gathering attention slowly, but for the wrong reasons. It was the target of much satire, parody and derision.

A bill to accord national recognition of the holiday was introduced in Congress in 1913. In 1916, President Woodrow Wilson went to Spokane to speak in a Father's Day celebration and wanted to make it official, but Congress resisted, fearing that it would become commercialized. US President Calvin Coolidge recommended in 1924 that the day be observed by the nation, but stopped short of issuing a national proclamation. Two earlier attempts to formally recognize the holiday had been defeated by Congress.

In 1966, President Lyndon Johnson issued the first presidential proclamation honoring fathers, designating the third Sunday in June as Father's Day. Six years later, the day was made a permanent national holiday when President Richard Nixon signed it into law in 1972.

Father's Day has become a day to not only honor your father, but all men who act as a father figure. Stepfathers, uncles, grandfathers, and adult male friends are all honored on Father's Day.