3. 4 ITEM OFFER SUBMISSION
1. Residential Purchase Agreement
2. Earnest Money Deposit
3. Pre-approval from a Lender
4.Verification of Funds
4. RESIDENTIAL PURCHASE
AGREEMENT
This contract outlines what you are offering
It includes purchase price, amount of deposit, if you are asking for
closing costs, length of inspections and much much more! Have
your agent email you a blank copy so you can get familiar with
the contract.
Remember this is just an offer.You still have 17 days to due
diligence and inspect till your heart’s content!
5. EARNEST MONEY DEPOSIT
This is a good faith deposit. It shows you are serious about this
property. If your offer is accepted you will have 3 days to get this
money to escrow.
It should be a minimum of 1% of the purchase price.The more
you make this check, the more serious your offer looks.
You can make it out to ________ Escrow and send a picture of
it to your Real Estate Agent.
6. PRE-APPROVAL FROMYOUR
LENDER
Your lender will supply you with a pre-approval form.
After you submit your personal financial information to him/her
to get this approval.
Your pre-approval should be submitted with your offer. Most
listing agents wont consider an offer without one of these.
7. VERIFICATION OF FUNDS
You will need to show where the down payment is coming from.
This can be a bank statement, a letter from your bank, IRA
statements or a statement from any other investment accounts
in your name.
If a relative is gifting you the downpayment you will need a letter
from them and possibly verification of their funds.
8. LET’S RECAP!
1. Residential Purchase Agreement
2. Earnest Money Deposit
3. Pre-approval from a Lender
4.Verification of Funds