Process Of Placing An Offer

[Geo Tan]

Hello Bigger Pockets family,

So I found a two properties that really look good and will be moving forward with them in the next week or so.

I was curious to what I should have prepared on my end in terms of documents such as proof of funds, mortgage prequalification, etc. I don't want to seem like a novice buyer since they might take advantage of me so I would love to hear what other people who bought multiunits have provided in the past. Any tips and tricks to getting a better deal would be great as well!

In case location plays a factor on what documents I should prepare, the properties I'm looking at are in the East and North Hollywood area in Los Angeles, CA.

Thanks in advance!

[Eric Dowling]

@Geo Tan your agent should be able to coach you on exactly what to have since you want to tailor each offer to each seller depending on what they are looking for. The must haves are:

Proof of funds: a bank statement with your name bank name and  amount exceeding down payment and closing costs. Account numbers blacked out.

Pre-approval: make sure this is a pre approval and no pre-qual, there is a big difference. Have a copy of your credit report ready too and ask if they want that up front.

For the earnest money it is normally handled by wiring the funds to escrow, so you wouldn't need to provide it with the offer.

The best way to get the best price is to meet all their other conditions like length of inspections and length of escrow and don't fight them for what services to use like escrow and title.

They main thing besides price that sellers are looking for is, can this buyer close? Don't give them any reason to doubt that you are ready, willing and able to close on the property.