You’ve found the perfect house now it’s time to make an offer. Here are some basic musts to integrate into your offer.

1. Set Your Price

It takes two to tango and we want to make this a good dance. Buyers want the lowest price possible and sellers want the highest price for their listing. It may take some negotiation but in the end the final price can offer a win/win situation for both parties. If the home you are making an offer on really is the perfect home, it would serve you to offer or come in real close to what the seller is asking. Make sure to include details of the closing costs.

2. Write a Good Faith Check

Earnest money shows that you’re serious about the deal and will follow through on your offer. An amount in the neighborhood of 1-2% is typical however, the more you hand over, the more serious you look to the seller. If you back out, depending where you are within the contract, the Seller may keep your earnest money. (This is a good reason to have an informed realtor on your side). On the flip side, when the deal goes through the money can be put toward helping with the down payment, closing costs or other expenses.

3. Proof of Funding

Getting pre-approved for your loan is necessary and sharing the pre-approval letter with the seller is advantageous. Before you even begin to think about making an offer have your financing approved be able to prove to the seller that you’re qualified to purchase the home.

4. Set a Timeline

Detail in your offer the following milestones and when you expect them to occur. This ensures that the seller and the buyer won’t be kept waiting for the other party to act.

• When the sale will take place
• Move in date
• Inspection date
• Deadlines for responding to requests
• A date of offer expiration
• What’s included and excluded

Both parties work together on this part to clearly agree what stays with the house and what doesn’t. This is all negotiable and it helps to have it in your final offer. Things to consider are outbuildings, appliances, playsets, etc.

Other Common Contingencies

Due Diligence – This includes: Review of Seller Disclosures, HOA review, Home Inspection, and other inspections like sewer, well, hazard.

Financing and Appraisal – this includes a review of the loan and appraisal.

Walk-Through– Traditionally, buyers are allowed to walk through the home just before closing to check on all requested repairs and updates and to ensure the condition of the home hasn’t changed since the inspection.

If you’re eager to move into the home, we would suggest an early closing date. We do not recommend pushing for early occupancy as it comes with many liabilities. If you have more questions about selling or buying a home in Park City, give us a call!