Step 7: Make an Offer on a Home You Love
You’ve found the perfect backyard and want to put in an offer. Fabulous!
In today’s market, we need to put your offer in as soon as possible, ideally within a few hours. Before we can put an offer on a home, there are a few things we need from you:
- Full legal name: Please provide us the full legal name of anyone who will be on the contract along with their phone number and email address if you haven't already done so.
- Offer price: What price do you want to offer for the home? Let's discuss the sale-to-list price ratio in the neighborhood to guide your decision.
- Your walk-away price: Decide how much you're willing to pay for the property and what your walk-away price is before negotiations get intense.
- Closing date: Typically, in Indiana, closing takes place 30 days from contract acceptance. Keep in mind that closing faster is possible with full cash payments or might take longer with down payment assistance.
- Earnest money: How much earnest money are you comfortable putting down on this property? Typically, contracts in Indiana ask for 1% of the purchase price as earnest money due within two days of contract acceptance.
- Down payment: The down payment could vary depending on your loan program, but putting down at least 5% is recommended unless you're using a special loan program.
- Closing cost credits: Would you like to ask the seller to pay for part of the closing costs? If so, how much?
- Home warranty: Do you want to ask the seller to provide a home warranty?
- Contingencies: Are there any other contingencies we should be aware of?
If the contract is accepted but you have a change of heart or the inspection reveals a significant issue, I can assist you in navigating the process for a reasonable outcome. If you decide not to proceed with the purchase, consulting a real estate attorney is advised.
