Great news! You’ve found the perfect home and want to put in an offer. In today’s market we need to put your offer in asap; ideally within a few hours. Before we can put an offer in on a home, there are a few things we need:
Offer price: What price do you want to offer for the home? Let’s have a discussion about the Market Analysis I am going to do on the home that is going to tell us alot of information. Like what we should expect to pay in regards to how the home is priced.
Your walk away price: Don’t expect to pay your initial offer price, as it’s rare for a seller to accept your initial offer without some negotiating back and forth. That’s why it’s called an initial offer. In addition to deciding what offer you want to put in to start, we need you to decide now how much you’re willing to pay for this property and what your walk away price is before the situation gets heated and emotional.
Closing date: Typically in Utah, closing takes place about 45 days from contract acceptance. Sometimes you can ask for a longer closing date depending on the seller’s needs, but we wouldn’t expect it. Therefore, if you want to move around July 1, plan on putting in offers at the beginning of May. If you’re paying 100% cash you can often close faster than 30 days (around 14-21 days), but 45 days is usually the average if you’re using a mortgage to buy the property.
Earnest money: How much earnest money are you comfortable putting down on this property? Typically, I recommend 1% of the purchase price to make the offer look really good -But whatever you are comfortable with is what we will use.