Relety Buyer Magazine

MAKE
AN
OFFER
ATTORNEY
REVIEW
UNDER
CONTRACT
• Initial offer amount
• Good faith deposit
• Down payment amount
• Closing date
• Other conditions
• Copy of pre-approval
• Buyers’ letter to the seller
• Choose attorney (See VP
Choices)
• Showings can continue
• Starts within 3 days of fully executed
contract but can take as
long as necessary until all parties
satisfied
• During AR, either Seller or Buyer
can cancel without penalty (seller
may entertain other offers)
• Schedule inspection
• Secure lender and start financing
process
• Showings stop
• Additional offers accepted for
backup only
tingency on another property. If you need to
best, and will put you ahead of the pack!
does not appraise for the amount you have
7. Try to have a flexible closing date–one
sell another home/condo/coop/etc in or-
While that’s not everyone’s reality, do try
offered the Seller, then it will be your re-
that lines up with what the seller wants. The
der to buy your next property, try to at least
to have at least 20% to put down, if you are
sponsibility to come up with the needed
thing here is–don’t panic! All buyers in our
be “Under Contract” on that home before
competing with other buyers. (Although I
cash to “bridge the gap”. Huh? Let’s look at
market are experiencing the same thing
putting in an offer on your next property. Re-
have seen buyers with only 10% down win
this example:
(and most of them don’t have these tips!).
member, if your first deal falls through, then
before!)
List price: $500,000
Hang in there, don’t get discouraged, and
your purchase here will also fall through.
Your accepted Offer: $550,000
make sure you have a strong agent in your
This does not make you a strong contender
5. Tell the Sellers that you will have your
Appraisal comes in for: $525,000.
corner (like me and my team!) that knows
when competing against other buyers with
home inspection within 5 days of complet-
By waiving the appraisal, you are telling
the market and understands the process of
no sales contingency.
If you insist on still
ing Attorney Review on the house, and state
the sellers that you will come up with the
multiple bids.
trying for a home, then be ready to increase
in the contract that you will only request
$25,000 needed to bridge the difference
Good luck!!!
your bid – A LOT!! Also be ready to pro-
repairs or credits for major mechanical, en-
between what the bank has said the value is
Love, Sheri Greenman
vide documentation about the other sale,
vironmental, and structural issues.. This still
(and will issue a loan based off of) and your
Buyer Specialist for the VP Tea
so that the Sellers feel confident that it will
covers you on all the big stuff, but tells the
offer price. You will still pay $550,000. but
go through (get your contract, your buyer’s
sellers that you won’t give them a laundry
need more cash in order to do so.
pre-approval, a letter from your Board or
list of home inspection items to fix. (Also,
Because buyers have been bidding so much
agent and any other documents ready to
to sweeten the deal, you could put a cap
higher than the asking price, a few houses
share.)
amount on what you will ask the sellers to
haven’t been appraising. This has become
fix. ie: you will “be responsible for anything
a strong negotiating tool, but should only
4. The more money you can put down, the
needing repair up to $5,000.” etc)
be used if you are comfortable with it and
better! Sellers love cash in a deal! If you
you actually have more cash to put into the
bring a high offer the sellers don’t need to
6. OK, this is the big one. Many buyers are
deal!! Most importantly, you need to speak
worry about whether or not the house will
waiving the appraisal contingency in their
to your real estate attorney about this before
appraise. An all-cash offer is the ultimate
mortgage. This means that if the house
you offer it in your contract.