It may take hours, days, weeks or months of searching for the right property and then you find the property you want to call home.
Purchasing the property begins with making an offer to the seller. California Realtors use standard California Association of Realtors (C.A.R.) forms. The forms are very flexible so talk to me about any ideas you have about how to purchase the property. Every contract is written differently. The final form of an offer is a result of thoughtful consideration of price and the many other factors necessary in submitting an offer.
It is best to submit some supporting information with your offers. The following information is often requested by the seller and is almost always helpful.
- Proof of funds. Typically one or multiple bank statements including your name with the account number blacked out. Savvy sellers will often require Proof of Funds be submitted with the offer. The Proof of Funds proves the buyer can afford the down payment and closing costs. If it is an All Cash offer, the proof of funds should verify that the buyer has sufficient reserves to pay for the property (the offer price) plus closing costs.
- Preapproval Letter from lender (if financing the purchase) The Preapproval Letter demonstrates that a lender or mortgage broker has reviewed the buyer’s credit, income, debt and reserves and the lender believes the buyer can obtain the loan necessary to purchase the property. It is best to submit a specific preapproval letter for a given property. The letter specifically uses the offer price (not giving away additional purchase power to the seller) and the property address.
The next two pages allow the buyer(s) to submit contact information and contract specifics.
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