What you should know when making an offer

What you will want to know in order to make an offer:

If you’re making an offer on a piece of real estate, these are many of the important questions you may want to have the answers to when preparing your offer. Your real estate professional should be able to help you answer many of these questions, but the decisions are all up to you.

You may want to read my other posts:
What you may want know about a property before making an offer on it
What you should find out or ask your Realtor before making an offer
What you should ask your lender/loan officer before making an offer

What you should know when making an offer:

  • What is(are) the property(ies) county parcel number(s)?
  • What is(are) the lot number(s) and subdivision?
  • What do you want to offer as the Purchase Price?
  • How much do you want to put down as an Earnest Money Deposit? Who will be holding the money in deposit?
  • What amount do you plan on paying for a down payment for financing? (Subtract the earnest money deposit from your down payment. This is the amount you’ll need to bring to closing for the down payment.)
  • Subtract the the total down payment amount from the purchase price, this is the amount to be financed.
  • What type of loan are you getting? FHA, VA, Conventional, Other, Cash?
  • How soon will I be able to make a loan application after acceptance?
  • Are you asking for any seller concessions? (seller paying buyer’s closing costs)
  • What inspections do you want to have, who’s paying for what, and how long do you need to complete them? Some inspections examples are General Home Inspection, Well, Septic, Radon, Termite, Lead Based Paint, Mold, Structural Integrity, other. Anything can be inspected.
  • What Appliances, Furniture, and other non-affixed items do you want to stay?
  • Do you want a Home Warranty? If so, who’s going to pay for it , which company’s warranty are you going to buy, and how much is it?
  • When do you want to close by? (Ask your lender how long you need).
  • Who’s name should be on title? Do you want survivorship of title?
  • When do you want/need possession of the property in relation to closing?
  • Do you have any additional terms?
  • How long is your offer open for acceptance by the seller?

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