The process for making an offer, when you are ready


The process for making an offer, when you are ready
By Scott Rogers • March 30, 2017
How, you might ask, do we go about getting from the point of wanting to make an offer --- to actually making the offer? Here's a brief overview.... Obtain a pre-approval letter from a lender. View the property. Ask follow up questions of seller. (utility costs, age of house components, reasons for selling, motivation level, timing logistics) Research comparable sales to determine market value. Research restrictive covenants, deed restrictions, septic system details, survey, etc. Discuss negotiation strategies. Determine main terms of offer. (price, timing, contingencies) Draft and review offer documents. Sign (in person or electronically) offer documents. Submit offer documents to the seller and (patiently?) wait. Let me know if you have questions about this process -- and know, of course, that the process looks slightly different for each buyer and for each property. This is a general guide, but not a required list and sequence. When we get to step seven, above, we will be discussing and deciding on the terms of the offer. Below is a list of the main contract terms we will need to discuss in preparing to make an offer. Your Full Name: Your Current Address: Personal Property to Convey: Offering Price: Type of Financing: LTV: Rate Cap: Earnest Money Deposit: Request for Closing Cost Credit? Financing Deadline: Settlement Date: Home Inspection? Radon Inspection? Inspection Deadline: Do you want to purchase a home warranty? Other Terms? When making our offer, it will be important to remember that there are a variety of terms that will be important to the seller - not just price, but also timing, contingencies, etc. Before and after making an offer, there is a lot more to know about and think about regarding the home purchasing process. Read more at.... Receive Updates by Email Recent Articles: Buyer Demand Exceeds Supply In Varying Degrees By Price Range Pending Home Sales Data Points To Slower Months Of Home Sales Ahead Detached Resale Home Sales Decline 39% In Two Years, Down To... Pre Covid Norm What A Great Time To Sell Your Million Dollar Home Home Buyers Who Bought Homes Two Years Ago Thought They Were Paying Crazy High Prices For Their Homes How Likely Is It That We Will Find A House That Fits You Better Than This One In The Next 90 Days? Fewer Home Sellers, Thus Fewer Home Buyers, But Ever Higher Sales Prices In Early 2023 First Look At February 2023 Home Sales Valley View Village, To Include 420 Apartments, Proposed For Reservoir Street Balancing Optimism, Pessimism And Realism When Thinking About An Almost Perfect House
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Mar 22, 2023 (unless otherwise noted).
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