As Realtors, it’s our job to support our buyer clients throughout the whole home buying process. When you find a home that you love we want to ensure you feel confident and prepared to write an offer. That’s why when we first start working with buyers our team makes sure to educate our clients on the offering process that way there are not any surprises when you find that perfect home you want to write on. The more prepared you are and the more knowledge you have make writing an offer on a home a lot less overwhelming.
To make the process of writing an offer on a home seamless, here are a few items to think about before sitting down with your Realtor to complete the offer to purchase contract.
1. Understand an offer to purchase once accepted is a binding contract.
The first time we write an offer, it will typically take upwards of an hour to explain all of the “fine print”. We want to make sure your feel educated and fully understand what you are committing to. The offer to purchase contract will outline the terms of your offer.
2. Prepare documentation you will need to write an offer.To write an offer be prepared to present the following:
- A form of government issued photo identification
- A deposit cheque made out the listing brokerage- note these funds will come out of your account within 24 hours of acceptance
- A mortgage pre-approval letter (if applicable).
3. Get in touch with your bank or mortgage broker and ask how long it will take for them to process your financing.
If you are writing a financing condition into your offer to purchase, we need to include an exact date and time by which you will satisfy your financing condition. Therefore, before writing an offer we suggest to call your mortgage provider and find out how fast they can process the mortgage.
4. Things to Think About in Advance:
If you have any questions in regard to the following do not stress. Your Realtor is here to help.
How much money I am willing to pay for the home?
Deposit amount/ Down Payment amount
Do you want to include any terms or conditions?
Are you using mortgage financing and including a financing condition ?
Are you planning to insert a home inspection condition?
Are you planning to insert any other conditions (ask your realtor for a list of common conditions included in an offer)
Often the seller will indicate an ideal possession date. However it is up to the buyer. So think about when you would want to take possession of your new home. (note: the average time for possession is between 30-60 days)
Again our team is here to support and educate you through the entire process of purchasing a home but when you have a general understanding of what is required to write an offer to purchase, and have all the documentation required prepared in advance it helps make the process seamless and stress free.
Tel: (204) 960-8851