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:
full names of buyer(s) + mailing address
or proof of funds for cash purchases
we will help you determine the property's fair market value
ESCROW DEPOSIT (EMD)
typically 1-3% of purchase price
TYPE OF LOAN +
conventional, FHA or VA Loan + what % of the loan is being financed + how much you are putting down
the day all paperwork is signed + the keys are handed over
The escrow deposit is also known as the "good faith deposit" or Earnest Money Deposit (EMD). 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.