Congratulations on Finding Your Perfect Home!
Before I submit your offer, I will need the following details:
Initial Offer Price: What price would you like to offer for the home? I will send you comparable listings (comps) for review and share my opinion on the home's value. However, the final offer price is your decision.
Walk Away Price: It's rare for sellers to accept the initial offer without negotiation. Therefore, determine your maximum price—the point at which you'll walk away. This information remains confidential, but it helps me guide you effectively during negotiations.
Closing Date: The closing is the final step where property ownership transfers from the seller to the buyer. The buyer receives the keys or deed, while the seller gets paid, minus any mortgage balance, fees, or taxes. All legal documents are filed with the local record office. Closings typically take about 30 days, depending on factors such as buyer financing, home inspection, and lender conditions (e.g., title search, title insurance, termite inspections, surveys, and appraisals).
As the seller, ensure you do a final walkthrough to confirm the property's condition. Both parties should verify that all paperwork accurately reflects the sale agreement.
Earnest Money: Making an earnest money payment shows the seller you are serious about your offer. This amount, typically 1-2% of the purchase price.
Down Payment: Your down payment is the initial payment towards your home purchase, demonstrating to the lender your ability to pay off the mortgage. This can range from 3.5% for an FHA loan, 20% for a conventional loan, to no money down for a VA loan.
Closing Cost Credits: Would you like to request that the sellers to cover any of your closing costs? Typically, each party covers their own closing costs. I suggest asking for seller contributions only if you lack funds for both closing costs and the down payment.
Home Warranty: Would you like the seller to provide a home warranty? If there are no multiple offers, I recommend asking for a one-year home warranty.
