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The most exciting (and potentially stressful) time in the home buying process is when you’ve found the home that you
want to buy, and you are putting together your offer that will both get you under contract and also ensure that you get a
good deal. I will be your guide and your resource as we craft the offer, wade through the negotiations, and then
ultimately jump all the contractual hurdles to get to the closing table.
As your real estate professional, I will help you draft the offer with a price, your intended financing information, estimated
closing date and terms, including earnest money (a guarantee that you’ll perform as a buyer in good faith), and
contingencies for financing, appraisal, and inspections.
When deciding on an offer price, you should take into consideration the most recent market data for the surrounding
neighborhood and comparable homes. I can give you the information you need to answer questions like, what
have other homes sold for, and how do they compare to the home you’ve chosen in terms of size, features, and amenities?
Are there other offers on the table that you are competing against? Depending on how active the market is and whether
there are competing buyers, we may structure your offer to entice the sellers to pick yours. If it’s more of a buyer’s market
you may be able to include concessions (like a closing cost credit) that will benefit you.
A pre-approval letter from your lender should accompany your offer, so that the sellers have confidence that your financing
is in order and you are capable of proceeding to closing on the house. When we write the offer, we’ll also include an
earnest money deposit, a percentage of the purchase price, as ‘consideration’. After you initial, sign and date your offer,
I will submit it to the sellers’ agent, who will in turn present it to the sellers.
The waiting is the hardest part. If we haven’t written in a deadline for response, the offer probably states that “time is of
the essence”. When you hear back from me, we may have more negotiations if the seller countered our offer.
When both sides have agreed to and signed off on all terms and details, the offer is considered ‘ratified’, and you have a
binding contract to purchase.
Bob Hodge
2022 International President’s Society Circle of Excellence.
