You’ve found an Ann Arbor home that meets all of your needs, most of your wants, and it’s still available for you to purchase! What do you do next?
Well, if your agent has been doing their job, they will be on point and able to answer this question seemingly without you asking! Most professional agents will ascertain your desire for one property over others. So, they will be happy to guide you through the process of writing your first offer.
To consider, when writing your first offer on an Ann Arbor home, be sure you have answers for the following questions:
- What is the most you would pay for the home?
- What will be your initial offering price?
- How much earnest money deposit will you put down?
- How much of a down payment will you be paying?
- Are you financing your purchase?
- Be sure you have your pre-approval in hand!
- Are you purchasing with cash?
- When do you plan on closing?
- Financed purchases are taking at least 45 days, from contract agreement to closing
- What contingencies will you be utilizing throughout the purchase process?
- Contractor’s Inspection
- Well & Septic Inspection
- Attorney Review of purchase agreement, and title work
- Sale of purchasers property
There are other considerations, to be sure, that may be important in your specific circumstance. This list is by no means exhaustive, rather a good guideline on the most common details that Ann Arbor home buyers need to keep in mind.
How the offer is written, also influences, or even sets up, how negotiations may proceed. For example, if you are submitting an offer on a home, and the listing agent has indicated that your offer will be one of a few submitted, writing a strong initial offer makes a great impression on the seller. The seller may still come back and ask for each buyer for their highest and best offer, or the seller may simply be blown away by your initial offer that they proceed with yours.
Writing a strong offer, regardless of the presence of other offers, typically ensures that a conversation about your purchasing that home will take place. Perhaps the sellers need more time to pack, or they think the house is worth more than you’ve initially offered. Either way, writing a strong initial offer is a strong sign to the seller that you are serious.
Taking all of these points in to consideration, your agent will advise you on the best details to insert into the purchase agreement. For the most part, Ann Arbor home purchase agreements have a multitude of boilerplate language, and some spots to slide in the specifics that you would like. It’s nearly like a fill-in-the-blanks exam.