So you want to write an offer? Actually, it is quite easy and I need answers to the 12 following questions to represent you.
1-What is the MLS (multiple listing service) of the property you are writing an offer on? We will figure this out looking at several listings, and then picking the best one to write an offer.
2-How much do you want to offer?
The closer you offer to the list price the better chance you have of getting the property. A full price offer on a home listed at $100,000 is: I will give you $100,000, and pay for my own loan, and split the closing costs with you.
You can have your closing costs rolled into the loan. So if you wanted to offer full price and have your closing costs paid, you would offer $103,000, and I want you to pay $3000 of my closing costs. That saves you from writing a $3000 check at closing. This is why homes sell for more than they are listed.
3- How much Earnest money you want to put down?
This can be $500 to $1000 or more depending on what you are buying. This is held in the brokers account and it is a credit to you at closing. Bigger deals usually require higher amounts of earnest money. This also helps bind the agreement and shows that you are earnestly seeking to buy this property.
4-What type of financing are you going to do?
Are you going to do 100% or put some down? Use your own banker or you can call my banker KC Kuttler at 208 406 3834 to discuss financing options and tell him Burke Bennett sent you. It is smart to get prequalified before you find the property. He can tell you how much property you can buy and what loans you qualify for.
5-Do you have any special terms or conditions?
Remember the cleaner the offer the more likely it will get accepted, but we can put in the offer what ever you want
6- What do you want included in the sale?
Fridge, Stove, Dishwasher, Microwave, etc. Usually this is included anyway. It will say right on the listing if it is included or not.
7-Who do you want to use as a title company?
I usually use First American in Idaho Falls since they are everywhere in the US, but you can use anyone you would like.
8-Do you want a property inspection?
Home inspections are about $200 to $275 and the buyer generally pays for this. Home inspections generally pay for themselves since the experts can tell you what needs to be repaired or fixed. Sometimes the seller will fix these to get the sale done which is generally the case. The seller can say no, and you can back out if you want. It just gives you extra protection and peace of mind. Also, I guarantee you will learn something about the property that you didn't notice before. You don't have to do one, but it is a good idea.
9-Who is going to pay closing costs?
Traditionally, the buyer pays all buyer related closing costs such as appraisal, loan fees, tax service fee, flood fee, Title insurance extended coverage required by the lender, and splits the closing cost. Generally they come to about $2500 to $4500 depending on what you are trying to buy. Bigger Deals have bigger expenses. Your banker can tell you pretty close to what it will cost you.
The seller traditionally pays for title insurance and splits the closing fee.
You can offer $100,000 on a house for example, and say I want the seller to pay $3000 of my closing costs. That way when you go to closing, you don't have to write a $3000 check, it is just rolled into your mortgage payment. I sell quite a few homes like this. My banker can tell you exactly how much that will be with a good faith estimate.
The seller would only net $97,000 if he pays $3000 of your closing costs in this example.
Or if you wanted to offer full price, you could say I will give you $103,000, and I want you to pay $3000 of my closing costs. The chances of the seller signing this the first time are very high. You still have your closing costs rolled into the loan. This is why sometimes a property will sell for more than it is listed.
10-What date do you want to close?
Usually 30 days is plenty time to have the seller move and for you to get your loan, although I have sold a property in 3 days before. Financing usually takes at least two weeks.
11-When do you want to hear if your offer has been accepted or not?
Some people can respond in 24 hours which is the standard, sometimes two days is more likely depending on how available the seller is.
12-What is your address, phone, email, fax no (if applicable)
If you can answer these 12 questions via email or phone, I can email you the forms or meet with you. You can then fax them back to me at 480 393 5948. You don't have to put a cover sheet since this will go directly to my email.
You don't have to live or be in Idaho to write an offer. I once helped a guy buy a home who lived in Ukraine.
I present the offer to the seller or other realtor and represent your best interests as a buyers representative. I have sold multiple properties and have had quite a bit of experience with any thing that could go wrong. I will call you the moment I find out if the offer has been accepted, rejected, or countered.
The paperwork only takes 20 minutes, but you definitely want someone experienced to represent you as a client when making an offer so you don't get burned. That is why I will represent you as a buyers agent and I will do it at no charge to you. If you buy directly from the listing agent, he represents the seller. Can you see why you need a buyer's agent? If you do not enter a representation agreement, you will not be represented at all as a client. You will be a customer only.
A client's privacy and intentions remain confidental unless of course the client wants his position on something revealed.
Another reason you want representation, is you are dealing with a neutral 3rd party who will represent you and what you want to do. Sometimes dealing directly with the seller or other realtor is difficult because they won't bend on a certain issue that you think is important. I will do everything I can do to make sure any issue is addressed.
Once your offer is accepted, it is a matter of getting your financing finalized before the closing date with the title company. Closing dates can be anywhere from 3 days to 45 days out. The sooner you can close, the higher the probability that your offer will be accepted. This will also pull the property off of the market.
I keep you in the loop the whole process. What takes the majority of the time is waiting for the appraisal to come back and the underwriters of the loan to give you the final approval. Of course, if you can pay cash, you don't have to go through the part of getting a loan; although, most people do get some type of financing.
Idaho is a good investment for any one in any part of the country. The quality of life is high because things are more affordable, and we are one of the 10 safest communities in the United States. People are family oriented. There is just more space to enjoy yourself.
So what are you waiting for? Check out my property links, and write an offer. Real Estate has always been a good investment.
http://www.realtydrive.com/agent/page8.php?username=burkebennett Property Links
I can help you if you are buying your first home, second, home or multiple investment properties.
Thanks Burke Bennett 208 589 5599 or email at
burkebennett@hotmail.com
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