So you’re out touring houses and you finally find one. The house that you want to buy. Now what? Well there’s a few things you’re going to need before you make an offer.
You’re going to need a pre-approval letter or proof that you’ve got enough money in cash to buy it. Often you’ll need to provide a preapproval letter from a lender plus proof that you’ve got the down payment in cash somewhere in a bank statement.
But the best course of action is to work with your real estate agent. They can walk you through a number of things. Such as what is the competition on the house. Are there other buyers? What is the value. Should you offer more or less? Also did the seller do any inspections upfront?
Your agent is going to use a standard purchase agreement to put together the offer. And that’s going to have a few things on it like the purchase price what your down payment is. How are you going to pay for it whether it be a loan or cash. And whether you want any contingencies like an inspection contingency or a loan contingency. Often in a competitive market, buyers make offers with no contingencies at all.
Your agent will write all of the particulars up in a purchase agreement and have you sign it. I’ll send it over to the listing agent in a nice little package and then you sit and wait on pins and needles until you get an answer. Fun!!