What do I need before I make an offer.

[Andy Ballester]

I want to make an offer on an owner occupy 4 unit, Obviously I need pre approval letter which I have, also offer is 15% lower than asking price. Im thinking a verbal offer may not go to the seller, so I always here put it in writing, does the sellers agent have a form to put it in writing, do I need a real estate lawyer to write it up for me, if so what are a real estate lawyers typical fees. Just want to be prepared and atleast make it look half way like I know what I'm doing. As an owner occupy I have a job which keeps me out of town quite a bit, should I find a property manager, before hand in case of acceptance of the offer. Also I have a friend who is a general contracter definitly not a home inspecter is it acceptable for him to bring along and look at property before I get a home inspection. Just want to know what put it in writing actually means, Im sure a post it note would not suffice. Thx all at BP.

[George Paiva]

You maybe over complicating this a little. Its is great you have a pre-approval letter as that shows good intent on your part. Some seller agents don't even ask. What you need to understand is your down payment and earnest money deposit.

After you understand what you will be offering for earnest money and overall down payment. Your buyer's agent will help you fill out the purchase contract for the particular state. With the Purchase contract you will make out a check for the earnest money deposit (anywhere from 1 to 5% typically) and any contingencies you require. At very least have a financial and inspection contingency written in so you can protect yourself during due diligence till property close.

Once the contract becomes accepted by the seller you have to line up your financing and a RE lawyer to make sure all the i's are dotted and t's are crossed.

Honestly the most work ever involved with a property purchase is deciding on if the property is a good deal then making sure the bank and lawyer handles the closing. If you are comfortable with your friend doing the inspection then there is no problem in doing so but if this is your first deal I would recommend a licensed inspector come out and review the property with you.