Following are some general guidelines to help in writing your offer.
Before writing your offer, do your comps for the property as if you were going on a listing presentation. This is the only way to determine if the property is listed below, at, or above market value. The comps should determine the purchase price that your client offers. Price is not the only determining factor the bank considers when evaluating your client's offer. They also consider the amount of the down payment, the amount of the good faith deposit, FHA or conventional loan, amount of any closing costs paid by the seller for the buyer, the length of the escrow (30 days is preferable), repairs requested (including termite work) i.e home warranty costs, etc. Remember to do the follwing
1. Obviously there should be no contingencies and you should have loan and appraisal contingencies removed within 17 days.
2. Call the listing agent before writing the offer and ask what you need to provide with that offer.
3. You might have to use a specific lender for a pre-qual letter. Do not submit the offer until you have that pre-qual.
4. Make sure you make a copy of the good faith deposit, proof of funds and the offer is legible and written correctly.
5. Call us to verify the offer is received and it may take 2-3 days for a reply from the bank.