Writing an offer is more complicated than it seems. Just the process of homesearching prior to an offer submission can be stressful. This is why having a Realtor® is essential. Your Realtor® will not only filter your home search accordingly, they will also handle the process of submitting an offer.
By the time you are ready to submit an offer, you will already have a Pre-Approval letter from a Lender and a Proof of Finance (bank statement showing available funds for either your down payment or an all cash purchase). These two items are necessary when submitting an offer on any property in California. After you have sent these items to your Realtor®, they will begin the offer process.
Here are the basic steps to writing an offer:
- Discuss with your Realtor® and approve a purchase price that is competitively priced and comfortable for you as a buyer.
- Depending on your type of loan and other financial capabilities, you will decide on a down payment amount.
- Escrow Period – 30 day escrow periods is standard for conventional loans but can be negotiated depending on loan capabilities and other factors.
- Contingencies – Buyers will standardly have 3 contingencies: Inspection, Appraisal, and Loan. The standard timelines for each are different but again, can be negotiated.
- Additional – This is a broad section since many things can be included such as Escalation Clauses, Rent Backs, and more.
If you or anyone you know would like more information on Home Searching/Home Buying. Contact us today!
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