Minnesota home buyers need to understand that verbal offers on homes for sale are not real offers that we take seriously. In the real estate biz we like contracts. Yup Contracts. Personally I just love real estate contracts and each year I take a class that is all about changes in the Minnesota contracts because they do change every year.
Some of the brokers at the big box real estate companies instruct their agents to do things a certain way and it isn’t always based upon how the contract is supposed to be used. They have their own rules.
A good offer is one using the approved Minnesota real estate contracts. Offers consist of a purchase agreement which is 7 pages long and each page should have a number on it and a date. Typically there is also an inspection addendum and a finance addendum. There are a few more important pieces of paper depending on the situation.
All offer should include a pre-approval letter from a loan officer and that letter should have contact information on it like a phone number and or email address so the listing agent can contact the lender and ask questions. Most offers are accompanied by a check for earnest money or a receipt indicating that the check has been written.
Most agents don’t bother with dates or page numbers on the contracts but that is OK because I can fill them in myself when I get an offer on one of my listings and I can put in the final acceptance date.
It isn’t really very complicated but it does need to be done right.