Writing an offer for your client is the starting point for all real estate transactions. It’s when things get serious and your clients are ready to buy. There are a few helpful ways to ensure that your contract is written correctly and efficiently so that you can get the dream house for your clients!
- Pre-approval letter from their lender
- Proof of funds
Items Needed on the Offer
What does your client want to stay in the house?
For example, do they want the washer and dryer? Be sure to include any items that they want to stay in the house in the offer. On the flip-side, include what they do not want to stay in the offer as well. If there is a terrible eyesore of a shed that they want removed- include that in the offer.
How much do they want to offer? How much are they going to put in escrow? If you are working with the buyer, you’ll want to put the least amount down in case something happens and the deal falls through. Conversely, if you’re representing the seller, you’ll want to try and get the most down.
Are they paying cash or getting financing?
Again, before you write the offer, be sure to have their pre-approval letter from their lender or their proof of funds if they are paying cash.
What type of loan is it?
Are they getting a FHA or VA loan? The house will need to be in pretty good shape to get approval of these loans. Conventional loans are easier to get with older houses that may need some extra work.
How much is their initial deposit? How much cash are they bringing to the closing? What amount is getting financed? Check all of these numbers to make sure all of the math adds up and there are no surprises come closing time.
The acceptance date is usually one day from the time the offer is received. (Pro tip: If you’re representing the sellers- you’ll want to notify anyone with any previous interest in the house that there is now an offer. This may initiate another offer and help your seller get a higher price.)
Whatever day your client and the sellers agree on is fine as long as you are sure that their lender can get them approved by that date. You don’t want to ask for extensions and drag it along so be sure to check with the lender on a realistic date that they can have them approved.
The inspection date is usually 15 days from the date the offer is accepted. But, it really doesn’t have to take this long and it can make your offer look a lot stronger if it’s done in 7-10 days.
Are your buyers going to need any assistance with closing costs? This is something you’ll need to discuss with them and their lender well before closing. One option may be to ask the sellers to cover some of the buyer’s closing costs.
And there you have it. Follow these steps to ensure you write an effective offer that gets accepted quickly!
At Dalton Wade we believe that today’s buyers and sellers need a trusted resource that can guide them through the complex world of real estate. With our extensive knowledge and commitment to providing only the best and most timely information to our clients and agents, we are your go-to source for real estate industry insight and advice. Contact us today to learn more!