What to Expect When Writing an Offer
What type of Sale is it?
- Foreclosure, Short Sale, Traditional Sale
Is it priced right for the market?
- What is the buyer activity?
- Are there offers on the home?
- What other homes are for sale in the neighborhood?
- What has sold recently in the area?
- How long has it been on the market?
What is the seller’s motivation?
- Are they pricing driven or are there other terms that are important to them such as a lease after sale?
- How long of an escrow are they looking for?
Do you need concessions for closings costs?
- Closing costs such as title, escrow, and lender fees usually cost between 1-3% of the sales price.
Are there multiple offers on the property?
- This is not uncommon for homes priced right for the market and in great condition.
- Often, the seller will ask for your “highest & best” offer. In other words, what is the highest price you will offer that if another buyer offered more you would not have any regrets because you gave it your best shot?
Are you considering asking for a home warranty with your offer?
- Home warranties cover a wide range that could save you money out of pocket
- Is the water heater on its last leg, and will that be a deal breaker?