Preparing for actually making an offer on a house


Preparing for actually making an offer on a house
By Scott Rogers • March 16, 2016
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: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
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 Nov 22, 2024 (unless otherwise noted).
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