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Top Tips For Writing Purchase Offers – Buy A House And Write The Perfect Offer When You Buy Your Next Property!

In this post we reveal the Top 9 Tips for Writing Purchase Offers

So you’re ready to buy a house? First off, a BIG congratulations!BusinessSuccess5

Once you have your financing in order (or cash), the next step in buying property is writing up an offer.

Often times people don’t realize how important the offer contract can be when buying real estate. If you have a poorly constructed offer it can cost you getting the property you want, while at the same time a well written offer can get you the property you want at the price you want!

Try using following tips as a guide to creating a great offer:

1. Get the right Contract

This might seem basic, but there are several purchase contracts out there. Each state has its own rules and regulations and each contract is written differently. Realtor associations publish purchase contracts. If you are looking to buy in California, please contact our team and we will help you get set up with the correct forms.

Some example purchase contracts would be:
–New Construction Residential Purchase
–Agreement Notice of Default Purchase Agreement
–Residential Purchase Agreement
–Residential Income Property Purchase Agreement
–And many more

2. Determine what price you want to offer

Take a look at what comparable properties have sold for along with the current market conditions and come up with what you think is a fair offer price. TIP: Initially offer about 5-8% less than you expect to pay, this will give you some room to negotiate and possibly get an even better deal. Once you submit the offer be prepared to move quickly, in today’s market the good properties are being sold very quickly.

3. Put down a deposit

You will need to make a “good faith” deposit. This deposit will generally be cash, personal check, or cashier’s check. On average the deposit amount should be at least 1% of the sales price. This money (proof of funds or a copy of the check) will be submitted with your offer.

4. List your Financing Terms

Disclose the type of financing you hope to obtain(if you are not paying cash): Include the amount of money down and the type of loan (conventional, FHA, VA, contract of sale, assumption or other). Please remember that your deposit, when added to your down payment and financing should equal the total paid.

house with cash5. Include Contingencies

Contingencies are: Conditions or “safety valves” written into your Real Estate offers that protect they buyer from buying a house that is unsatisfactory (either structurally or financially)

Many contracts also carry provisions for contingencies as: Appraisal (California gives 17 days to complete all inspections) Loan Funding Physical/Home Inspections.

6. When do you take possession of the property?

Spell out the possession date. Is it on closing? A day after closing?

If possession will be prior to closing, enter into a rental agreement to protect all parties. If possession is more than two or three days after closing, execute a rental agreement to protect the buyer.

7. Negotiate Who Pays the Fees

Even though most contracts call for fees to be negotiable, some fees, depending on your state, are customarily paid by one party or the other. You can define who pays fees such as title, escrow, and county or city transfer taxes. In most cases the Seller will pay the fees.

8. Request Special Reports

If you are concerned with any part of the property, ask for a Special Report Upfront. Example Reports: Termite Report, Lead based paint report, and Mold inspections

9. Clearly State Expiration of Offer

Clarify when the offer will expire. You will want to give the seller enough time to make their decision, but not to take their sweet time.

If you would like more information or have questions on how to write up a perfect offer please contact me anytime!

Your friends and local real estate experts,

San Diego Realtors

Oliver, Sam, Sandro

The Home Team

Contact us today:

Oliver Graf – Direct: (760)237-8006
Sandro Natale – Direct: (949)290-2599
Sam Khorramian – Direct: (858)518-1533

Have a question? —>Contact or Email us direct <—

Big Block Realty
Always working hard for you!
www.BigBlockRealty.com
CA DRE #01885775

BUYING OR SELLING?: Don’t forget our Free Home Search Tool.
Search the MLS anytime! http://www.FreeSDHomeSearch.com

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How To Buy A House – What Happens During The Home Buying Process?

How To Buy A House – What Happens During The Home Buying Process?

Having the right team behind you makes all the difference. san diego ca homes for sale

Purchasing a new home for sale is always an exciting time.  There are many important steps to follow when buying a home in San Diego.  These are the steps that your REAL ESTATE TEAM (your Real Estate Agent, lender, and the title and escrow company) will perform so that your transaction is successful.

Steps are in chronological order by days in a typical sale with 30 day escrow period.  Some steps occur simultaneously.

Day 1. Pre-approval and evaluation of your ­financing options [Lender].
Loan application form is completed [Lender].

Day 2 – 30. Choose a desired property,  present an offer and good-faith deposit [Real Estate Agent].

Day 31. Contract is reviewed with particular attention to the steps with specific dates [All team members].  If offer is accepted, the transaction is started and Title/Escrow is opened [Title and Escrow Company]

Day 32 – 35. Property inspections are ordered [Real Estate Agent].
Credit report and property value assessment are ordered [Lender].

Day 36 – 48. The preliminary title report is reviewed and sent to the lender and the Real Estate Agent [Title and Escrow Company].
The disclosure reports are delivered to the buyer [Real Estate Agent].
The preliminary title report is reviewed [All team members].
Buyer selects their desired loan [Lender].
Inspection contingencies are lifted [Real Estate Agent].
Loan contingencies are removed [Real Estate Agent].

Day 49 – 60. Final gathering of documents for loan approval [Lender].
Escrow ensures title report is free of errors and that in compliance [Title and Escrow Company].
Loan package is sent to the mortgage lender for ­final underwriter approval [Lender].
The Real Estate Agent gives fi­nal instructions for the closing [Real Estate Agent].
Escrow drafts instructions and get signed by all parties. [Title/Escrow].

Day 60 – 61.  All signed documents are returned to the lender [Title and Escrow Company].
Buyer and their Realtor does a Final walk through [Real Estate Agent].  The buyer deposits the funds balance in the escrow account [Title and Escrow Company]. Buyer and Seller exchange monies [Lender].
The deed is registered with the county [Title and Escrow company].
The transaction is closed and the keys are handed to the new owner with a smile! [Real Estate Agent]

That’s it!  We’re always happy to answer any questions.  And don’t forget our Free Home Search Tool.  Search for homes and condos for sale anytime!

Your friends and local real estate experts,

Oliver, Sam, Sandro

The Home Team

Contact us anytime:

Oliver Graf – Direct: (760)237-8006
Sandro Natale – Direct: (949)290-2599
Sam Khorramian – Direct: (858)518-1533

Have a question? —>Contact us direct <—

Big Block Realty
Always working hard for you!
CA DRE #01885775

BUYING OR SELLING?: Don’t forget our Free Home Search Tool.
Search the MLS anytime! http://www.FreeSDHomeSearch.com

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Posted in FreeSDHomeSearch