What exactly does an offer look like?

Question

What exactly does an offer look like . Do i just send a number or call them with an offer ? Or is there a certain form i send in and the number in the form and thats how i send in an offer!

I know it’s probably a simple answer ive just never asked or thought about it . Do i just call the wholesaler  ex. ‘ hey id like to offer 55k for the property on 123 lake drive’ ?  And then if they do eccept my offer then do i send in annofficial contract ? Or how does this work ive been analyzing for a few months im ready to send in my offers but never thought about how i go about sending offers . Thank you ! Rookie here but ready to put in work !

Theresa Harris · Answer

Your lawyer can or you can just use a realtor.  It costs you nothing to use a realtor.  The seller normally pays (ie if it listed with MLS).  I don't put in a lot of offers.  The last time I bought a place (a few months ago), I put an offer on one place and they went with another one, and put one on the home I ended up buying.  Where people put in a lot of offers is if they are low balling it and trying to get a house for well below market or if it is a hot market and there are multiple offers.

Pedro Amador · Answer

@Theresa Harris ok then so an offer is in a special format kind of like a contract thats what my question was . All i ever hear is do your homework blah blah blah and make offers left and right but never seen what an actual physical offer form looks like where can i get these is that something my attorney can write up ? Or where do i go to get these forms done

Marc Ferguson · Answer

Hey Pedro, as you're surmising it's a contract of sorts, a letter of intent to purchase the property (something in writing). Here's a sample document, but whomever you're purchasing the property from will probably have something different drawn up by their lawyer(s). Real Estate Offer Letter Template - Free Samples & Examples (docformats.com).

Pedro Amador · Answer

@Marc Ferguson I’m getting prop. Sent to me  daily from a few diff wholesalers i know to do my due diligence and run my numbers as to not get screwed by then but i haven’t done anything yet just been analyzing deals and then it hit me if i was to send in an offer how do i got about it which is why i had this question . Do i need to work with a realtor now or is it best to just hire a realtor to help sell the prop.?

Marc Ferguson · Answer

Hey @Pedro Amador it's all good, man. I'm glad you were able to get some answers. I have some questions now. :) Are you looking at properties without a real estate agent? The property(ies) that you do find are they directly with the owner? It seems like you're doing everything yourself. If you work with an agent they will draw up the paperwork for you.

Pedro Amador · Answer

@Marc Ferguson ok yes i think this is what im looking for ! . I just didnt know exactly how to go about doing this . I figured it was more like ‘hey kyle that prop. On elm st. 55k and its either yes or no and then if we agreed we would then go to getting papers signed . But now i know i need this form when submitting an offer ! See i knew there was a professional way of approaching/submitting  an offer in. Thank you everyone for the help i will now be looking for an offer template to turn in or submit my offers ! Im sorry for all the confusions and thank you everyone

Yoann Dorat · Answer

@Pedro Amador If you're planning on buying from a wholesaler, they will be the ones drafting up the paperwork. They usually have a template and a title company they use for all of their closings. Most of the time you will only sign an "assignment of PA" as the original PA between the wholesaler and the seller will stay unchanged. You still need to review the original PA though as you'll be equally responsible for assuming the terms. You can hire an attorney to review the contract and make sure everything is right.

An Attorney is the person you need to hire, no need to get a realtor involved as they usually bury the deal in paperwork/compliance and most wholesalers won't want to deal with them.

Pedro Amador · Answer

@Yoann Dorat ok ok i get it now . So further into that how do i submit my offer just w a call, text, email ? Right . im getting properties sent in daily from whole sellers but i never thought how i go about submitting an offer i guess im overthinking things and im assuming i need to send in a bunch of paper work for a simple number . If that makes sense?

Theresa Harris · Answer

I'd strongly suggest you work with a realtor if you don't know what you are doing.  The offer has the price you want to pay, conditions (financing and inspection are the usual two), and a closing date.  Once you agree to all of those, then you need to put down a deposit and then get going on the conditions.  Make sure you have an idea of how much you can afford (ie go to a bank and talk to them about mortgages).  For a rental you will need 20% down payment.

What exactly does an offer look like?

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