When I got a call Saturday afternoon that an offer was coming in on one of my listings, the agent said her buyers told her they were planning to make an offer that day. With the countdown to the end of the homebuyer tax credit upon us (must have a signed Purchase Agreement by April 30), I expect a lot of buyers will be shifting into decision mode soon. If you go out looking at homes with the intent of making an offer, don't forget these three things…
1. Your checkbook
Not very many people carry checkbooks with them regularly anymore, but you will submit an earnest money check with your offer. So… don't forget to bring your checkbook or a check blank with you when you are getting ready to make any offer.
2. Check with your lender
You will need to submit a pre-approval letter from your lender with your offer, so either you or your real estate agent should be in touch with your loan officer… both for the letter and an estimate of cash needed to close and estimated monthly payments so there are no surprises. If you are asking for seller paid closing costs it is also a good idea to check on the amount to request…if you ask for more than you can use, you forfeit it to the seller. And, it's also a good idea to ask how quickly the loan can have final underwriting approval and be ready to close in case those dates become an issue in negotiations.
3. Your calendar
You will request your preferred closing date with your offer, but it's a good idea to know your options if that date doesn't work for your seller. Also, inspections usually take place 3-5 days after coming to an agreement…will that work with your schedule? how about your inspector's schedule? If you need to make adjustments in the time frame to accommodate schedules, it is best to make the adjustments before submitting your offer.
Sharlene Hensrud, RE/MAX Results – Email – Buyer's Agent
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