When writing your offer we will look at the key areas of the offer and discuss a strategy that works for the property you have selected given the current market conditions.
We will review the market comparables for the property you have selected and discuss offer price strategy with you.
The type of financing you are using does make a difference. Cash is often most preferable to a seller. If you are getting a mortgage there is also a hierarchy of loan types preferred by many sellers:
Most Favorable to Less Favorable:
1. Conventional Loans - 20% most preferable
2. FHA Loans - require 3.5% down and have appraisal condition requirements
3. VA Loans - require no down payment, have appraisal condition requirements and seller has to pay fees on your behalf.
When writing your offer you will tell the seller what inspections you will require and who will pay for those inspections. You will also determine a “not to exceed” dollar amount for the repairs you would like the seller to make after inspections identify items of concern.
If you are getting a loan your lender will require an appraisal be performed. The appraised value of the property is the maximum amount your lender will base their financing on. In competitive offer situations appraisal waiver may be considered as part of the negotiation.
Closing time typically range from 30 to 45 days. Selecting a closing date acceptable to the seller can improve your chances of getting an offer accepted.
The Shocket Team has experience in all types of offer situations from being the only offer on the table to having to compete with multiple offers. We have many strategies we can employ to help you make the best offer and get it accepted!