Step 9: Writing an Offer
Writing an Offer
So you’ve found the home you want to put an offer on! How exciting! Since we’re in a seller’s market, we need to put your offer together as soon as possible. Before we put an offer in on a home, we’ll need to go over a few items.
Please email answers to the following:
Full Legal Name: Please email the full legal name of all buyers as well as their phone numbers and email address.
Offer Price: What price do you want to offer for the home? We’ll discuss what the list-to-sales price is in the neighborhood as that will tell you if you can expect to pay below, at, or above the list price. I will also call the listing agent to see if they’ll tell me how many offers there are on the home and how much we’ll need to bring to the table in order to compete if there are other offers.
Your Walk-Away Price: The seller may not accept your initial offer without some negotiation. In addition to the price you want to offer, you’ll need to decide how much you’re willing to pay for the home and what your walk-away price is. A walk-away price is a price you’re comfortable walking away from a home without (too much) regret.
Closing Date: Generally, closings are 30-60 days after an accepted offer. We’ll use information from the seller, your lender, and yourself on what to place as a closing date. In general, if using a mortgage you can expect to close around the 45-day mark.
Earnest Money: How much do you want to put down for earnest money? As noted in the pre-offer consideration document, EMDs are normally 1-3% of the purchase price. The EMD is due 3 days after the contract is accepted and is a part of your downpayment.
Down Payment/Financing: We will need to know how much you’re financing and what type of loan product you are using (cash, conventional, FHA, VA, MSDHA, etc).
Seller Concessions: Do you want to or do you need to ask for any credits for closing costs? These concessions would go towards the lender’s fees you have to pay.
Home Warranty: Do you want to ask the seller to provide a home warranty on the property?
Contingencies: Any other contingencies that I need to be aware of? The fewer contingencies, the stronger the offer.
Once you’ve decided and we’ve discussed these above items and any other pertinent information, I will prepare an offer and have you review and sign it through a program called Dotloop. Once signed, I will submit it to the seller’s agent. Please allow time for the seller to review your offer. Depending on the seller’s schedule and personality, it can take anywhere from 12-48 hours for a response.
Patience is now KEY, but I will communicate with you as soon as I get a response!
Empowering clients to build and preserve wealth through real estate.
Ready to connect? Reach out! I look forward to helping you on this journey!
Monique Hanson is a REALTOR® serving the greater West Michigan area. Monique helps people buy and sell homes in Kent, Muskegon, and Ottawa Counties. You can contact Monique by calling or texting 616-805-9177 or emailing hello@moniquehanson.com.