Making A Successful Offer To Purchase
You've found the house that meets your needs.
Making A Successful
Offer To Purchase
Making an offer involves much more than just declaring the amount you're willing to pay.
A complete offer to purchase should include all of the following
1. THE PRICE YOU WISH TO PAY
2. THE TERMS - the amount of cash you are prepared to invest in the purchase and the amount that will be financed. If you will be financing a portion of the purchase, documentation of your ability to obtain the financing (i.e. a mortgage pre-approval) is expected to accompany the offer.
3. ALL CONDITIONS THAT YOUR OFFER IS SUBJECT TO - i.e. your ability to obtain financing, the completion of satisfactory professional inspections (engineering, termite, water, radon etc.), the sale your current residence, etc.
4. PERSONAL PROPERTY - items to be included in the purchase - usually the items that the seller is offering to include are spelled out on the MLS® listing sheet (i.e. appliances, lighting fixtures, etc.). If there is an item that was not mentioned on the MLS® listing sheet and you wish it to be included in the sale, you can list that additional item as "a desired inclusion" in your Offer To Purchase
5. THE CLOSING DATE - the date you would like to take ownership of the property. This is date is often expressed as an "on or about" date.
6. PERSONAL NOTE TO SELLER (Optional*) - Sometimes, when there are multiple bids on a particular property, savvy homebuyers include a flattering personal note to the seller professing their enthusiasm for the seller's "lovely home". A handwritten note can be a very powerful "addendum".
Once your offer has been presented, the seller may accept, reject, or counter your offer.
A counteroffer may include modifications to any or all of the above items.
1. All offers should be made in writing.
2. They should be typewritten on company letterhead and include documentation of your ability to obtain financing.
3. Neat, professional looking documents add credibility to your offer when it is presented to the home seller.
4. Written offers also allow you to present the offer the way you intended it to be presented (without embellishment or omissions by the listing agent)
5. And written offers eliminate mistakes or miscommunications.
The goal of the written offer is to insure accuracy and bolster the home seller's confidence in your ability to complete the purchase.
© Copyright 2007 Bill Boeckelman Publications