Q: When I package an offer on a home for you, what do we actually include in the offer letter?
When you find a home that you are ready to buy, the next step is to submit an official offer letter to the home seller. Along with the purchase price, the total price you are offering to pay to purchase the home from the seller, we will need to include other important information in the offer.
Take a look at the list below ⬇️ and let me know if any of these surprise you!
-Offer Expiration Date: As the buyer, you suggest the amount of time the seller has to consider your offer before it expires, which could be hours or three days purchase boilerplate. I will help you decide how long to give the seller to consider your offer, but in most cases, it’s a few days.-Escrow days: Close of escrow days vary depending on various moving parts- we will discuss the best COE for your deal. But for example sake, escrow days can be as short as ten, fourteen days, typically when a loan is not involved. Or thirty to forty-five days, this will also discuss to suit your needs.-Earnest Money: Think of earnest money as a good faith deposit that goes into an escrow account while negotiating the sale terms with the seller through escrow.-Down Payment Amount: It matters to the seller how much you are putting down. The seller wants to know that you can afford to buy their property, and the more you put as a down payment, the more likely they are to feel confident in your offer. -Financing Terms: We will need to submit a pre-approval letter with your rate and loan terms you have to receive from a lender if you are financing the sale. Your lender’s contact information is also essential.-Contingencies: In every offer letter, we’ll spell out inspection, appraisal, and loan deadlines. We will discuss these in great detail.-Warranties: We’ll confirm that the seller can provide proof of ownership (a title) and request any home warranties that we want to have included in the sale.-Closing Costs: Your offer letter will clarify whether you or the seller will pay closing costs. In some cases, the seller will pay part of the closing costs for the buyer — this is on a case-by-case basis. Let’s discuss.