As the official, initial offer on a South Georgian Bay house is also typically a buyer’s introduction to the seller(s); drafting a seamless and attractive offer is vital in making a good impression. With the advice and guidance of a seasoned realtor, an interested buyer can take all necessary information into account and create a persuasive document favorable for themself and the seller. Apart from charming buyers with a personal, well-written letter, an offer should include four essential components.

Determining a Price

Firstly, buyers must decide what price range is within their budget. Next, buyers must feel out the local market in order to understand how much room they have for negotiation. In cases of houses on the market for a prolonged period and in markets where there are more houses available than people that can afford them, homeowners tend to be more eager to negotiate, settle, and close. On the other hand, homes more recently listed, especially in markets where demand is higher than the amount of housing available, sellers tend to be more particular. They have more opportunities to hold out for an ideal offer.

Associated Costs

Considering closing costs and a generous earnest money deposit can make a big difference in the competitiveness of an offer. When buyers propose covering some or all of the closing costs normally associated with sellers, especially when offering upfront cash funds, sellers are much more likely to close quickly. Also, putting forth a significant cash deposit as part of a prospective down payment helps clue sellers into buyers’ seriousness and unwavering focus.

Contingencies

Certain stipulations are typically set forth in an offer contract to provide a level of security for buyers. These contingencies are based on basic issues like the buyer’s mortgage application, property integrity, appraised value, and formalities, like the title. These measures prevent potential purchasers from losing their deposit or getting in legal trouble should they back out due to concerns covered in these statements. The more contingencies set forth, though, present more issues and doubt in sellers’ minds, which can be a turnoff. This is something to consider when drafting the initial offer. 

Get in touch with Christine Smith of Homes at Blue Mountain today to infuse your South Georgian Bay home hunt and purchase with expert guidance, including special support through your initial offer.