So you are ready to make an offer and you are shaking in your boots. "Can I afford this, can I afford this.. CAN I AFFORD THIS?" keeps playing in your head. Once you determine that you are 100% sure that this is the home you will need to outline some information for your real estate agent. The normal things I want to know when writting an offer on a property are:
1.) How much are you putting down. This does make a difference. I want to know that you are personally putting your own money where your mouth is number one. I want to know how much at contract (a legal and binding agreement) and how much at closing. I need to also make sure that the amount that you are laying out will match with your pre-approval (IE: If you tell me on an offer of $550,000.00 that you are going to be putting down $55,000.00 - 10% then your pre-approval should/HAS to come in for the rest $495,000).
2). I need a Pre-Qualify or a Pre-Approval letter from your bank. You should have one with you when you go house shopping. It is a good negotiating tool as well and shows that you are starting in the active process of obtaining a mortgage.
3.) Attorney's name. Who will be representing you in this purchase? This should be someone that you trust and will see you through the largest purchase in your life.
4.) Closing Date. I need to know what your timing is like so I can let the sellers know they are looking to move by such and such date. This does matter because I have had customers wanting to move into the home by say Christmas and the sellers will not be able to move out until after the New Year. This could pose a problem for each party involved. So I ask this first off.
These are a few of the questions that I need to know to relay when presenting your offer to the sellers. These can make the difference between an "Accepted Offer" and a "Counter Offer". When making your offer you should always go in with an offer that is serious and hard to say no to, with all the terms laid out. The going back and forth with countering - will frustrate one of you. Either the buyer will get frustrated and move onto the next home or the seller will say "Forget it, they want to play games, now I don't want to sell them my home" (Had that happen).
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