Based on nearly 20 years of reviewing contracts, I have prepared this simple list. If you are on the buying side, make your offer competitive by considering these ideas. If you are selling, look for a contract which offers you these benefits.. -Dan Novak, Sarasota Florida.
Offer best price
Cash beats Financing. Conventional financing beats FHA
Waive or shorten inspection time length to 5 days or less
Waive appraisal value contingency. OR If mortgaging, buyer can agree to overcome any appraisal value problems by personally contributing whatever $ amount is required to make the purchase. This is done by adding a special clause in contract that says. “If appraisal comes in below value, buyer agrees to provide the additional money required to make the purchase.”
Quick mortgage commitment date, less than 30 days of possible.
Use the AS-IS contract
Make the contract non assignable.
Check box number 2 on page 4 which means the buyer will pay all title fees.
ADD: Buyer pays SELLERS CLOSING FEE; (page 3, line 154) normally $495. Also disclose the exact $ amount for the sellers closing fee.
Offer larger than normal deposit (10k or more) with a 2 day delivery or less. Send a PDF picture of the deposit check with the offer.
Send Proof of cash in the bank and a PRE-APPROVAL note that shows buyer is approved to borrow more than the purchase amount. ( Send bank statements on bank letterhead and email & phone number to bank representative.)
Include clause. “Owner may leave any personal items which are currently in the home at the owners discretion”
Give at least 24 hours or more from submission, for the offer expiration time and date.
Be gentle, patient and polite to the listing agent.
Send ONLY PDF’S of all docs & EMD to the listing agent no word docs, jpg etc.
Write a personal letter explaining who you are, and what you will do with the house.
Please note that these are only ideas and not required to get your purchase offer accepted. The seller and listing agent will make the final decision.
