Becoming A Strong Buyer Buyer's Questions & Answers To Draft An Offer
Strive to write the best offer possible.
As you are searching for your next home, there are some steps to take that will help you write the strongest offer possible when the time comes.
If you are planning on financing your home, finding a local lender is the best first step. You will want to know how much you will be able to borrow, and have a letter of Pre-Approval indicating that amount.
Partnering with a local lender avoids many issues that we have seen arise with “out of town” lenders. Our local bankers understand septic systems, wells, easement roads, shared driveways, and other factors that are unique to the Northwoods.
If you are planning on writing a cash offer, you will be required to provide proof of funds. If you would like to write a cash offer in order to appear stronger to the seller, but still need to obtain financing, we can discuss the process with your lender prior to writing an offer.
Besides finding a home and deciding on your budget, there are many other things to consider as we sit down to write an offer. Take some time to consider how you will want to approach these issues. We’ll be discussing them throughout the process.
- OFFER NAME — In what name do you want to make the offer? Just your name (full legal name, trust, corp.) or are you buying with someone else? For ease of the transaction we can write in one of your names with and/or assigns so we only need one signature on all documents.
- PURCHASE PRICE — What do you want to offer and what items would you like included in that price?
- MONEY DOWN — How much earnest money would you be comfortable putting down within 10 days of acceptance?
- CLOSING — When you would like to ideally close the transaction. What is your best situation?
- BUYER’S OR SELLING AGENT — Are you more comfortable working with us as a Selling Agent or as a Buyer’s Agent? if Julie is the listing agent are you comfortable with that?
- CONTINGENCIES — Are there contingencies that you would want written in your initial offer, such as inspections (well, water, septic, home), financing, appraisal, or a survey??
- CONTACT — What is the best way for you to receive and sign documents? Are you able to receive faxes? Can you do electronic delivery? What is most convenient and feasible for you?
- FINANCING — How much do you have down and what type of financing are you looking for? If purchasing a condo/seasonal/vacant land or investment property, we may need to talk with your banker regarding terms prior to drafting the offer.
- PROPERTY USE — Is this for personal use or will it be used as an income generating property? This can make a difference in how we draft your offer.
- ITEMS INCLUDED — Other than appliances - is there anything else you will eventually like to try and purchase from the seller? Remember to ask us about a Bill of Sale.
- OTHER ITEMS — In general, are there any other questions or issues surrounding the process that haven’t been covered here you are concerned about? (Such as early occupancy... etc.)