Once you have located a property that meets your needs, arranged your financing, you can make an offer based on the listing price, along with comparables information and other market considerations. Your professional real estate agent can work with you to determine the best price, along with any contingencies for the sale.Some strong purchase offers include:
- Short contingency removal periods
- Short escrow periods
- Increased deposit
- Love letter from buyer (tell the sellers how much you love their property!)
- Pre-approved letter from lender guarantee for purchase price
It is good to get an independent home inspection, so that you can know what the potential pitfalls and future maintenance needs may be. Your offer may be accepted as-is; you may face a counter-offer from the seller, or you may be rejected. In a seller’s market, you may find yourself bidding with several other buyers for a single piece of property. Work with your real estate agent to determine what is customary in your area. This is when his/her negotiation skills really come in handy!
Once your offer has been accepted, you will enter an escrow period, where all of the title research will be handled, funding requirements met; tax and title transfer paperwork managed. Prior to the close of escrow, you will sign all of your finance paperwork, and pay your remaining deposit and closing fees. After funding is complete, the title company will record the new purchase deed with the County Recorder’s office, and you will officially “close” and get the keys to your new home!