At this point as a home buyer, you’ve probably done all the important things to get the home buying process started. You have hired a Maryland Realtor that you connect with both personally and professionally. You’ve locked down a lender and fully understand the terms of your proposed loan. You have zeroed in on a neighborhood. You have seen active homes on the market and have selected “the one”. Your Realtor has done the research on that local market and has suggested an offer amount. You agree and are ready to submit but WHAT DOES YOUR REALTOR NEED TO WRITE YOUR OFFER???
- You will need a pre-approval from your lender. Typically for the amount of the offer.
- You’ll also need an Earnest Money Deposit (EMD) for usually 1% of the offer amount. This is paid in the form of a personal check, made out to your Realor’s brokerage. Example: if you’re offer is $350,000, you’ll want to make the check for the amount of $3,500.00 and made out to RE/MAX Preferred. Your Realtor will make a copy of this an include it in the offer package.
In addition to the above items you will want to know:
1. Your settlement date (45 days is typical)
2. What type of financing (Conventional, FHA, VA, etc)?
3. How much will you be putting down?
4. Will you need seller contribution?
5. What property inspections will you want?
6. How many days do want to get the inspections done and repairs requested?
7. Are there items in the house you’d like ask to convey?
8. Did you ask for a specific home warranty?
In order for your Realtor to draft a solid offer, all of these must be discussed and finalized. The receiving Realtor will appreciate a smart well-organized contract of sale.
If you have questions on writing an offer or anything about the purchase of a home, please don’t hesitate to call Suzie Coronel at 410-336-2569.