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Stephanie Pedersen
Stephanie Pedersen
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Stephanie Pedersen


Are you ready to make an offer on a home?

Your Realtor Stephanie can do a Comparative Market Analysis on the home before you make an offer - This will helps determine if the asking price is a true reflection of the current market value. This means that Stephanie will compare the home you are making an offer on to other homes in the area that have recently sold.

These are some things you will need at the time of writing the offer:
A copy of your pre qual letter
What type of loan will you be getting? FHA? RD? CONVENTIONAL? VA…?
How many years do you plan on mortgaging the home? 15? 30…?
What is your interest rate going to be?

Ask your mortgage broker what your approximate closing costs will be – They can give you a more accurate amount with details of the specific property you’re offering on. Stephanie can get in touch with them to get this information as well.

What price do you want to offer to pay for the home?

Do you want to ask the sellers to pay for any of your closing costs? If the sellers agree to pay your closing costs than it will be that much less money that you’ll have to bring to the closing table. If this is important to you, you can offer more for the home and ask them to pay for your closing costs.

Earnest Money – How much will you be putting in escrow as good faith? You will get this amount back at closing. If you are not familiar with what this, Stephanie can explain this in more detail with you.

Inspections – In the offer you will have the opportunity to put contingencies in about the home inspection. They usually take about 2 weeks to complete. Expect to invest $1000 +/- for a building inspection, water test, air test and septic inspection. This can vary depending on who you hire to do these inspections and what exactly you chose to have inspected.

Fuel Proration – If you agree to pay the seller for the fuel that remains at the home, you will be expected to pay the cash value the day of closing. This includes all types of fuel/heating, whether it be wood that remains, pellets, oil, propane, K-1…

Negotiating the terms of the contract – When you make an offer on a home you will also set a deadline for the seller to respond to your offer. The seller will respond with either an acceptance, denial or counter offer. Depending on how they respond to your offer will determine the next steps. Stephanie will guide you through this process and work to negotiated the best possible terms for you.

Under Contract – Once the sellers have agreed to all of the terms in the offer than you are officially under contract. Inspections typically begin at this time unless otherwise negotiated. Your lender may request other documents needed from you at this time.

Appraisal – The appraisal is usually ordered by your lender once through inspections. The cost of this is usually around $500 +/- and can be paid at closing. This is paid at the buyers expense. In order to get a loan for the price you’re under contract for, the home must appraise for the under contract price.

Day of Closing – We will do a final walk through of the home before closing. Bring your ID to closing. Bring a personal check to pay for the fuel proration. Bring a bank check to pay for any other additional costs that your lender has prepared you for.

Congratulations – You did it!