When you have found the home you love, your real estate agent will help you decide how to structure your offer in a way that it will be accepted.
Here are some points to consider:
- The amount of earnest money. This is usually 3% of the purchase price.
- The down payment and financing details. Putting anything less than 20% down will most probably result in you having to pay Private Mortgage Insurance, and also will make you less competitive in a sellers’ market.
- The proposed move-in date. With an all cash deal you can shorten the escrow period if the seller is willing. However, when a loan is involved 30 days would be the minimum time period for escrow.
- The price you are offering. You will work together with your real estate agent to make an offer which at the least will encourage a counter from the seller.
- The length of time the offer is valid. The standard time period for the seller to reply to your offer is 3 days. However you can shorten this period if you to encourage them to make a quick decision.
- The details of the deal. There are many things to consider when drafting your purchase agreement, some of which is covered in “Making the Offer.”
Remember acceptance of your contract depends on negotiating satisfactory terms with the seller not just making an offer.
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