Writing your offer to
purchase!
As we discussed earlier, we all finished our homework and
have worked together to reach the final goal. Helping you own a piece of land.
The offer to purchase consists of a few primary parts. The price,
contingencies, earnest money, and a closing date. Part of my duties as a
professional is to help you understand these elements.
While the purchase price is negotiable, please keep in mind
if there are more than one offer being presented to the seller on the same
piece of land, usually the person who offered the most money is the ones whose
offer gets accepted possibly without a counter offer from the seller to any of
the parties. So, while you are making your offer you should always put your
best foot forward. Your goal is to own this property so make your offer one
that will stand above other offers that may be submitted. A short closing time
along with an offer without several contingencies is also helpful.
A clean offer-that is an offer with little or no
contingencies always looks favorable to the seller. A contingency is a
condition of the sale, the fewer the hoops to jump through the more attractive
the offer looks to the seller. That’s where doing your homework ahead of time
pays off.
Earnest money shows the seller that you are making a
commitment to purchase this property. Your earnest money is deposited into a
trust account and is 100% refundable if your offer is not accepted. If your
offer is accepted your earnest money will be applied to your purchase at
closing.
The closing date, the date that your dream becomes a
reality. Remember the sellers goal is to sell, and your goal is to start
enjoying your new investment. The quicker the closing, the less the seller has
to worry that something may happen, and the property has to go back on the
market, and a quick closing solidifies your offer as a serious one.
Congrats! Your own
your way of making your dream a reality:
Next the offer is
written now what happens? (part 7)
Semper-Fi
Eric Ristey