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#127863 - 03/12/07 02:21 AM
Re: Questions about writing first offer
[Re: JoeyBagadonuts]
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California Real Estate Broker
Veteran Member
Registered: 06/15/03
Posts: 1225
Loc: Morgan Hill, CA, USA
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There should be a section in the offer form that covers all the various costs. There should be a checkbox for seller and one for buyer. Simply check all the seller checkboxes. In addition, I would add (either via addendum or an appropriate section of the deposit receipt) a line stating that the seller shall pay all closing costs.
This is the kind of offer you want to present yourself. Don't just fax it to the listing agent and let them present it.
R
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#127891 - 03/12/07 10:07 AM
Re: Questions about writing first offer
[Re: RebelBroker]
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REO Slave
Major Contributor
Registered: 02/04/06
Posts: 1715
Loc: USA
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Rebel Broker is correct. Although that's something your broker should be assisting you with!!!
_________________________
"There are people who make things happen, there are people who watch things happen, and there are people who wonder what happened. To be successful, you need to be a person who makes things happen.." - James Lovell- Astronaut
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#127916 - 03/12/07 11:37 AM
Re: Questions about writing first offer
[Re: JoeyBagadonuts]
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Major Contributor
Registered: 02/05/05
Posts: 2713
Loc: Las Vegas
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Joey, why are you not talking to your broker about this, especially if it's your first offer? If your buyer is willing to pay full list price for the property, then I would think that asking for closing costs shouldn't be an issue. We're currently in a buyer's market and many sellers understand that many buyers only qualify with closing costs being paid for by the seller. I don't know if presenting the offer in person will help you very much if it's your first offer. If anything, you might slip up and make it a disadvantage for you. Just tell the listing agent that your clients are qualified up to $170K, but they MUST have closing costs paid for! Tell your buyer's lender to give you a pre-approval letter stating that they can purchase up to $170K. I always have the lenders change my buyers' pre-approval letters to reflect on the pricing of our offer. It helps.
_________________________
Len McGuirk
Prudential Americana Group
Direct: (702) 203-6688
Las Vegas Real Estate
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#127986 - 03/12/07 04:39 PM
Re: Questions about writing first offer
[Re: Agent 007]
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Veteran Member
Registered: 06/24/06
Posts: 1074
Loc: Bucks County PA
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Joey, why are you not talking to your broker about this, especially if it's your first offer? If your buyer is willing to pay full list price for the property, then I would think that asking for closing costs shouldn't be an issue. We're currently in a buyer's market and many sellers understand that many buyers only qualify with closing costs being paid for by the seller. I don't know if presenting the offer in person will help you very much if it's your first offer. If anything, you might slip up and make it a disadvantage for you. Just tell the listing agent that your clients are qualified up to $170K, but they MUST have closing costs paid for! Tell your buyer's lender to give you a pre-approval letter stating that they can purchase up to $170K. I always have the lenders change my buyers' pre-approval letters to reflect on the pricing of our offer. It helps. Well, I will be contacting one of my mentors about this. But when I posted the question, it was a Sunday night. Just looking for some guidance. And thank you for your response. I will try to get the lender that they were pre-approved from to do that.
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#128611 - 03/15/07 10:49 AM
Re: Questions about writing first offer
[Re: JoeyBagadonuts]
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Major Contributor
Registered: 02/05/05
Posts: 2713
Loc: Las Vegas
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Well, Joey how did it go? Tell us the update!
_________________________
Len McGuirk
Prudential Americana Group
Direct: (702) 203-6688
Las Vegas Real Estate
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#128794 - 03/16/07 01:31 AM
Re: Questions about writing first offer
[Re: Agent 007]
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Veteran Member
Registered: 12/14/06
Posts: 873
Loc: Eugene, Oregon
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In Oregon, there's the math part of the contract and on that, you'd lay out your offer... the total amount, down payment, type of financing, disclose whether you are counting on gift money or your stocks going nuts, etc. Then, there's an additional provisions section. So in your case, using the contract we use, it would say 169k for the purchase price, then the additional provisions section would say something like:
"Seller to contribute $4500 to buyers prepaids and closing costs."
A listing agent presented with an offer will glance at the numbers then immediatly flip the page to look at the additional provisions for obvious reasons.
In Oregon the seller's contribution cannot exceed 3%.
-jeff
_________________________
(541) 285-5492
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#129002 - 03/16/07 09:55 PM
Re: Questions about writing first offer
[Re: Jeffo]
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Member
Registered: 05/22/06
Posts: 101
Loc: Bay Area, CA
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Not sure what your purchase contracts look like in PA but I just write in the additional terms section or on a seperate addendum "Seller shall credit buyer (% or $ ammount) of purchase price towards recurring and non-recurring closing costs."
typically lenders only allow up to 3% credit back.
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#130375 - 03/24/07 11:18 AM
Re: Questions about writing first offer
[Re: _The_Closer_]
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Veteran Member
Registered: 06/24/06
Posts: 1074
Loc: Bucks County PA
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Not sure what your purchase contracts look like in PA but I just write in the additional terms section or on a seperate addendum "Seller shall credit buyer (% or $ ammount) of purchase price towards recurring and non-recurring closing costs."
typically lenders only allow up to 3% credit back. There is actually a few lines in our Agreement of Sale that say Seller Assist: amount or % of purchased price
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#130401 - 03/24/07 01:03 PM
Re: Questions about writing first offer
[Re: JoeyBagadonuts]
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Major Contributor
Registered: 02/05/05
Posts: 2713
Loc: Las Vegas
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There is usually always an area for "Additional Terms" or you could just write the seller's contribution on an addendum.
_________________________
Len McGuirk
Prudential Americana Group
Direct: (702) 203-6688
Las Vegas Real Estate
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