Offer Help

[John Shortridge]

Hi Everyone,

I was hoping I could get some opinions/advice on making a good offer.

I recently had an offer rejected (my first offer on a property, trying to get my first deal). First, I understand that: 1) Not every offer I make will be accepted or countered, 2) Most likely, my offer was rejected because there were other higher offers. That being said, I was hoping to get your take on a few things that I could do better.

First off: My offer was: $70k cash, inspection contingency, 15 days to close, $2k EMD. The list was $80k and it was a REO property on the MLS. I was hoping to get a counter-offer and I could go as high as $75k.

First off, for an offer with an inspection contingency, How soon should I put my closing date? I had mine at 15 days, however it seems like the winning offer closed the deal after about 10 (they had an inspection contingency). 

Secondly, my offer was cash. When I went in the bank to get a "Proof of Funds" the lady who helped me didn't seem to know what I was talking about. I left with this letter:

"Regarding: (property address)

To Whom It May Concern,

Please let this letter show proof of available funds for purchase of real estate in the amount up to $70,000. 

Signed: (lady at the bank with phone number)"

Is this acceptable as a proof of funds document?

Finally, What is an appropriate earnest money deposit? I put had $2000 and included a photocopy of a check written to my title company. 

Again, I know that most likely, my offer was rejected because it was too low, but I'm just wanting to make sure when I make another offer there are no strikes against it other than price.

THANK YOU!