Info Required

During: Buying Process Overview: Writing Offer: Info Required

Info Required is all about the information required to write an offer for you. It is the third step in the Writing Offer process.

writing-offer-info-required

The Info Required process is shown below.

Warning! Logging and tracking tasks is for Premium Nomads only.


Complete the "Writing Offer: Info Required" checklist:

https://learntoberich.com/info-required/

Mark this task as complete when done.

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Get a Pre-Approval Letter from your Lender for the exact amount of the offer you're about to write.

Having a Lender Letter helps you get your offer accepted.

Mark complete when done.

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With the help of your Attorney and Accountant, determine how you will take title to the Property you're buying.

Common choices include: severalty (for one person or entity), joint tenants or tenants in common.

You'll need this to make an offer.

Mark this task complete once you know how you'll take Title to the Property.

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Your Real Estate Broker will need certain information from you to be able to write your offer. Here's a list of some of the information they may need:

  • Offer price
  • Earnest Money amount (default to what Seller is asking in the MLS)
  • Who will pay the Closing Services Fee (usually around $300 to $400 depending on the Title Insurance Company)
  • If you're negotiating/insisting on choosing Title Insurance Company, then which Title Insurance Company you want to use.
  • Who pays for Appraisal (it is customary for Buyer to pay)
  • Who pays for Owner's Title Insurance Policy (it is customary for Seller to pay)
  • What Loan type or types are you considering using to finance the purchase?
  • How much Down Payment are you going to put down?
  • Any Additional Provisions you want added? Common ones might include: additional disclosures for Fort Collins (which we typically add for you by default), limited appraisal language, light or limited inspection language and asking for personal property (which may complicate your ability to get a Loan to cover those).
  • How much are you asking for in Seller Concessions?
  • Is there a property you must sell before you can buy this?
  • Are you offering the Seller a "Post-Closing Occupancy Agreement" to allow them to stay in the property beyond Closing?
  • What due diligence documents are you requesting?
  • What is your travel/work schedule like? Will it impact inspection? Will it impact Closing?

Mark this task complete once you've emailed your Real Estate Broker the information they need above to write your offer.

ASAPUltimate Nomad ChecklistWeek 12Week 4Writing Offer: Info Required

The Info Required stage consists of the following steps with brief explanations of what is included in each step:

  • Your full legal name(s) – As you want it to appear on the deed to your property
  • Full address of property (I usually have this)
  • Offer price
  • How much are you putting down?
  • Type of loan? FHA? Conventional? Other?
  • Seller concessions? How much?
  • Closing date?
  • Inspection contingency?
  • Financing contingency?
  • Appraisal contingency?
  • How long does Seller have to accept offer?
  • Pre-Approval Letter (or Proof of Funds) for your offer
  • Do you want Owner’s Extended Coverage (OEC)?

Once you’ve given your real estate agent the Info Required, they can Draft Offer.

IMPORTANT NOTE: This checklist is based on what I personally use with clients in Northern Colorado. Please rely on your local real estate agent for how it works in your local real estate market. This process will definitely vary in different States.

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