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4 - How To Write Your Offer

Certified Mortgage Advisor
NMLS 1701021
November 19, 2019

Let's write an offer

So you've been shopping for some homes for a while. How do you write your offer? So you'll be working with your realtor to shop for homes, take a look at some different homes that you might be interested in, and then you're going to construct an offer to send to a seller so that hopefully they can accept that and you'll be able to move forward with the purchase of your house.

Narrow down your choices

So what you might be going through as you might be narrowing down your list of homes. So maybe you have three homes that you're looking at. And they're all with different prices and maybe they have just some slight differences in them, but they're a pretty narrow range of what you're looking for.

What should be in your offer

And then let's say you've kind of looked over it and you thought, you know what, we're going to go with this house. And so what you'll do is you and your realtor, you're going to put together an offer. And so in your offer, what you're doing is you're putting up all the terms that you want to have when you purchase that property.

So you're going to be setting up things like what your purchase price is going to be, how much the seller is going to pay in any credits towards your closing costs, what your closing date is going to be, and maybe how taxes or a home warranty has been handled. And so you'll put together a list of some items, that you're requesting in your offer.

So you and your realtor crafting this offer. Then, you're going to send it over to the seller and then the seller is going to most likely counter back or accept the offer. So they might counter and say, Hey, you offered 197. But we want, maybe 199. And then you have the option of being able to accept that offer and move forward with that purchase.

Follow your realtor's advice

So when you're writing this offer, some things that you want to keep in mind, number one is to follow your realtor's advice. Your realtor has the history and experience of being able to put together offers that they know are going to be accepted by a seller. Sometimes people make the mistake of wanting to write an offer that just benefits them and does not benefit the seller.

The seller isn't just going to accept any offer that comes their way. So follow your realtor's advice. They're going to give you advice on how much closing costs you should ask for or how much credit you should ask for in closing costs, what your purchase price should be, and ideas for the rest of that contract since that's what they have a license and their skillset is being able to help you write those offers.

Review the total cost analysis

Also, review the total cost analysis that was sent to you. So make sure that if in the total cost analysis, some of those scenarios had a certain amount, let's say 3% in closing costs being paid for, make sure that that is put in yours.

That way everything falls in line with the quotes that you were given in the beginning. If you ever need to change your total cost analysis, you can let me know, and I can get that updated for the specific property that you're looking for.

Best advise is communicate with your realtor

So all in all the best way that you're writing your offer is you're narrowing down a list of homes that you like. You've decided on one, you want to submit an offer to you and your realtor. You go ahead and write an offer with the terms that you collaborate on. So talk with your realtor about what's your total cost analysis. Talk with them about what you want, and they'll be able to help you craft that offer, send it over to the seller so they can accept, and you can move forward with the purchase of your home.

Check out the next step here: You Found Your Home! Now What? - 5

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Kyle Andrew Seagraves is Federal Mortgage Loan Originator (NMLS 1701021) licensed in all 50 states with the Dan Frio Team at Allied First Bank (NMLS 203463), an Equal Housing Lender. Separately, Kyle owns Win The House You Love LLC, an education company. Win The House You Love LLC is not a lender, does not issue loan qualifications, and does not extend credit of any kind. This website is only for educational usage. All calculations should be verified independently. This website is not an offer to lend and should not directly be used to make decisions on home offers, purchasing decisions, nor loan selections. Not guaranteed to provide accurate results, imply lending terms, qualification amounts, nor real estate advice. Seek counsel from a licensed real estate agent, loan originator, financial planner, accountant, and/or attorney for real estate, legal, and/or financial advice.

Servbank is not affiliated with the VA, FHA or any other government agency. This site has not been approved by any government agency.
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