Making an Offer
Once you have found the property you want, we will write a purchase agreement.
While much of the agreement is standard, there are a several areas that we can negotiate:
What is required to
make an offer?
In order to write an offer, we will need the following information:
contact information
full names of buyer(s) + mailing address
mortgage Pre-Approval
or proof of funds
offer price
we will help you determine the property's fair market value
escrow deposit
typically 1-3% of purchase price
Type of Loan + Finance amount
conventional, FHA or VA Loan + what % of the loan is being financed + how much you are putting down
settlement date
the day all paperwork is signed + the keys are handed over
escrow deposit
The escrow deposit is also known as the "good faith deposit." It is typically 1-3% of the purchase price that you put down upon submitting an offer. This deposit shows the seller you are serious about the purchase. The higher the escrow, the more attractive the offer is to a seller. You also have the choice of splitting the deposit into two payments.
As soon as you have an executed contract, you have approximately 3-5 days to get the escrow deposit to the office where it will be held—typically the office of the listing agent. The deposit is held in escrow until closing, where it is then counted towards your closing costs.