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Make An Offer
Before making an
offer, work with an experienced Realtor or real estate professionals experienced
in the field. Review the Buyer's Checklist, buying process to make sure that all
important things are considered.
- Review the
property details, offer terms, disclosures made by seller, inspection reports
(termite, roof, physical inspection, etc), geologic and natural hazard zones,
if available.
- Ask questions
about characteristics and features that are important to you such as: any
deaths at the property? Has the house been tented or termite-infested? Does
the addition have permits? etc.
- Review the
financing options.
- Determine the
price to offer and negotiation strategy. Your agent's experience will play an
important role here, espicially in a fast-changing market.
- Write down the
important contingencies such as sale of your home, job transfers, financing
contingency, repair limits, cash requirements and closing costs, etc. Let your
agent know about all these so that he/she could use his expertise and
experience to guide you.
- Review the
written offer and make sure that all important details are in the offer before
signing it.
- Are you
"pre-qualified" for the financing with the down payment you have?
- Do not go out
and buy a new car or commit yourself to fixed monthly obligations. This may
disqualify you or cause you problems in securing financing needed to clsoe
escrow.
- If you have
not already done so, gather the loan information needed (W2s, pay-stubs,
recent bank statements, etc.) and complete a full loan application with a
lender of your choice.
- Sign the
written offer and pray for an acceptance from the seller. In reality, over 90%
of the time, expect a counter offer from the seller. An experienced Realtor
will guide you to a successful offer, counter offer(s) and finally a signed
contract. Please review the Escrow Process Flowchart for further details.
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