An offer to buy your home is a purchase agreement signed by the potential buyer that includes:
The amount of the offer
An explanation of how the buyers will pay, such as cash or a pre-approval for financing
The terms – such as a request for closing cost help or contingencies such as the sale of the buyers’ house, a final mortgage approval, a satisfactory home inspection and an appraisal
A target date for closing
An earnest money deposit
A time limit for the offer