When a buyer likes what they see in a property, they will submit an offer to the seller. A residential real estate offer is a contract that is made up of several parts that each party must agree to. It is up to the buyer to present an offer that will appeal to the seller and inspire the seller to want to close the deal. In order to convince a seller to close, there are certain components every offer should have.
If there are contingencies that could cause you to pull out of the deal, then you need to let the seller know up front. For example, if you are selling your house while simultaneously trying to buy this one and you could pull out if your home sale goes through, then you should put that in your offer. You might put some hesitation in the seller if you include contingencies, but you can save yourself a lot of aggravation if there really are conditions surrounding your signing of the deal.
Source Of Funding
The seller is going to want to know, and has the right to know, where the money is coming from to fund the deal. If you state that you are paying in cash, then the seller may not like that idea. If you are trying to get funding from multiple sources, then the seller may not like that either. It is smart to put together a solid funding deal and then reveal the details to the seller.
The seller, buyer, and funding company may all have different ideas as to when the milestone moments of the deal will take place, but all of that revealing starts with the buyer’s offer. The buyer should outline when they expect to be approved for funding, when they expect to be prepared to close, and when they will want to take possession of the property. This part of the offer might change as the seller and funding company start adding their information, but at least the buyer’s offer is a good place to start.
The Exact Party Making The Offer
If you are making the offer to buy the property on your own behalf, then you should let the seller know that in your offer. If your parents will be securing the funding and providing the money for the offer, then the seller will want to know that as well. As far as the seller is concerned, they are selling the property to you. If that is not the case, then you need to reveal that information to the seller and deal with any possible consequences.
A good residential real estate offer is an upfront and honest document outlining exactly how a buyer intends to purchase a property from a seller. The more information the buyer reveals in the offer, the more information the seller has to go on to make their final decision.