Page 63 - the latest homebuying guide

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3. Deposit - Make sure you have your earnest money ready and
waiting to seal the offer. This is usually 1-3 percent of the
agreed price. Earnest money shows the seller that you are
very serious about getting the house. If the market is compet-
itive, you may want to offer a “more than reasonable” deposit.
This may make you more competitive. Ensure that the money
is placed in an escrow account, and that you are very aware of
the contingencies that must be satisfied to get a refund.
4. Items included in the sale - Knowing what is included could
also affect your offer. Not having to buy new appliances could
save you a few thousand dollars, if the ones you have are old
or you don’t have any.
5. Contingencies - In your excitement, you may not even be
thinking that you could lose your choice. Between the accep-
tance of your offer and your due diligence, so many things can
go wrong. You could find problems that cause you to run. If
you do, your earnest money could run away too, unless you
have contingencies in the agreement to protect it. Your real-
tor and or attorney will guide you on what to include. The
main contingencies include Financing, inspection, and apprais-
al.
6. Sweeteners - These are things that may benefit the seller. This
could be, allowing them to rent the house and stay longer if
they have not closed on a house, paying legal fees or conduct-
ing repairs.
7. Personal letter - In recent years it has become common for
buyers to appeal to the emotions of sellers as a way to becom-
ing the “chosen one.” These letters will let the seller know why
you should be the owner, why you love the house, how you
will treasure it, and how you appreciate the way they have
cared for it.

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