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
- THE PRICE YOU WISH TO PAY
- 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.
- 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.
- 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.
- 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.
- PERSONAL NOTE TO SELLER (Optional*) - Sometimes, when there are multiple bids on a particular property, savvy home buyers 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 seller’s counteroffer may include modifications to any or all of the above items.
- All offers should be made in writing.
- They should be typewritten on company letterhead and include documentation of your ability to obtain financing.
- Neat, professional looking documents add credibility to your offer when they are presented to the home seller.
- 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)
- 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