There’s a few points that every offer needs to have:
1. The Basics – legal name of the buyer, legal name of the seller, and the address of the property.
2. The accounting details, regarding the deposit, interest accrued and it’s disposition and details of mortgage financing. This is where a pre-approval letter reay boosts your bargaining power and your stature in these negotiations. It says: “Listen to what I’m saying. I’m a serious player.” You’d be surprised how much weight it carries in a seller’s mind. It carries tons of weight in the agent’s perception of a client.
3. The purchase price. Both sides should remember this is the first step in the negotiation process. You’re not necessarily going to knock it out of the park on your first try and get your offer accepted. Unless you’re anticipating strong competition, take your time, think it through and make the most appropriate offer. Listen to your agent, they’ve been in the market and know how it all works.
4. The chattel, non-real estate items, that might be included, dish, refrigerator, blinds, etc. If you want them, you have to include them in the offer.
5. The closing date.
6. Expiration date and time indicates when the offer becomes null and void. A day or two is really all it should take. This makes time is of the essence pressure for the seller to quickly make a decision, instead of holding out for a better offer.
You might also want to have a land survey included. I highly recommend doing it anyway just to ease your piece of mind regarding the title. Also might help with title insurance to offer some piece of mind.
Also, any contingencies that would affect the deal need to be included. For instance, I’ll buy your house when mine sells. Or I’ll buy your house when I obtain financing(How weak is that? Get a pre-approval!).
Many buyers, in their minds, have already moved into the home, as their writing out the offer. Be prepared. This is really the first step of the negotiation process. There could, very easily, be a counter offer from the seller or even a competing offer. The seller can, but doesn’t have to, give you the opportunity to better a winning offer. In short, the house can’t be yours until the closing(really when the deed is filed). Don’t get your hopes up too soon. Stay Strong and focussed.
Focused on Home Buyers and Sellers in Brockton, Abington, Whitman, Hanson, Halifax and East Bridgewater