You have been searching for that perfect home and finally you have found it. You are ready to write an offer on it. Hopefully you will be using me your expert negotiator, to help you along the way.
First, you need your preapproval letter from a reputable lender that is known to the local realtors.
Second, you will need to discuss your starting price in the negotiation process. You can do this one of two ways. One is to offer a great price and hope the buyer will accept it or two, start with a low price and be prepared to negotiate with the seller. I recommend no lower than 10% off the purchase price. Many times if you come in lower, the seller will refuse your offer and won't negotiate at all. Make sure that your realtor is ready to negotiate back and forth with the other realtor. I am an expert at this. The goal is to find out how low the seller will go in selling their home. Everyone has a price point that they will not go below. The trick is to keep emotions calm and all parties work together to see if that price is acceptable to all. Don't expect that you can get this home for 20% off just because it is a buyer's market. The seller is already put his home on the market for less than what he would have listed it for last year.
Third, know when you want to close on your home and move in.
In Ohio, you need earnest money. Typically it can range between $250 to $1,000. This is held the the real estate company's trust account until closing and usually goes towards your down payment.
Fourth - Be sure to check off all inspections possible that you may want to do. It doesn't require you to do the inspections, but it does give you the opportunity to do them. You can't go back later after the contract is signed and ask for extra inspections.
I'm here to discuss any questions you might have about writing an offer on a home.