1.
Evaluate Quickly - If you're
in a seller's market, you will need to write an offer that day.
Let us know that you like a property and we'll review the
comparables, determine a realistic offer price, and discuss the
financing (so you are comfortable with the monthly payment).
2.
Make an offer - Together we will sit
down and complete the Offer to Purchase, discuss the elements of the contract and strategize your
position.
Question:
What if another offer comes in at the same time? Will the
other person outbid me and get it?
Answer:
Maybe, but remember every seller has different motivations
and variables that play a factor is their decision
process. Price is usually the biggest factor, but not always. They look at the other terms of the
offer as well; such as,
closing dates, required repairs, and other contingencies. Often a pre-approved buyer, who makes a “clean” offer, will be more
attractive then a non-approved borrower
who offers more.
3.
Receive a counter-offer from the
seller - this is common practice. We all have a common
goal, the seller wants to sell and the buyer wants to buy. Be prepared to be flexible and
ready to negotiate on price, closing date,
repairs, and contingencies. Remember, being pre-approved gives
you an advantage over other buyers. The fewer contingencies in
your purchase agreement, the stronger your offer.
Question:
What is a contingency?
Answer:
A contingency is an item in the sales contract that could
prevent you, as the buyer, from completing the transaction. Here are a few examples:
-
Sale
of your home. You currently own a
home, so the purchase of the new house is contingent
upon the sale of your current home.
-
A
physical inspection. This allows the buyers the opportunity to
satisfy themselves regarding the structural integrity of
the property.
-
Home
loan qualification. The buyer must qualify for a loan
in order to purchase the house.
4.
Pay good faith earnest money - once
your offer has been accepted, you will need to deposit a good
faith/earnest money check into escrow. You must have these funds
liquid and available.
5.
Contact your mortgage
broker - to let them know you are in escrow and
provide the pertinent information to complete the loan.
7.
Prepare to attend your physical
inspection - in the next 10 days.
8.
Link to the 12
steps of buying a house.
