Mortgage Library

Articles

Checklists and worksheets

Making an offer checklist

Before you apply for a loan, you must first submit an offer to purchase a home and the seller must accept it. You then have a ratified sales contract. Your mortgage loan amount will be based on the purchase price of the home outlined in your ratified sales contract.

We provide this checklist to facilitate the process. You should make sure to discuss each step with your real estate sales professional and seek further guidance as needed.

We suggest you print this worksheet, then check each box after you've reviewed the steps.

 
 

Before you apply for a loan, you must first submit an offer to purchase a home and the seller must accept it. You then have a ratified sales contract. Your mortgage loan amount will be based on the purchase price of the home outlined in your ratified sales contract.

We provide this checklist to facilitate the process. You should make sure to discuss each step with your real estate sales professional and seek further guidance as needed.

We suggest you print this worksheet, then check each box after you've reviewed the steps.

Step 1 : Prepare to make an offer


Revisit the neighborhood at various times of day and night
Talk with prospective neighbors to discuss what it's like to live in the area
Look at the home more critically to discover any overlooked flaws or attributes

Review:
Market value of home
Home's condition
Special circumstances
 

Step 2 : Review pre-qualification


Finalize the exact amount you can pay for a home.
Seek advice from your real estate sales professional regarding comparable homes in the neighborhood and ask for any other relevant information.
 

Step 3: Make an offer


Submit purchase and sale agreement to real estate  agent. This document includes:

Description of property
Price offered
Down payment
Earnest money
Financing
Contingencies
Closing date
Occupancy date
Length of time offer is valid
Inspection
Any other requirements based on advice from your real estate sales professional
Submit earnest money to show seller you are serious about your offer. Check with your real estate sales professional regarding a customary amount of your "good-faith" payment. (No set amount is required.)

Step 4 : Seller response


Acceptance
Counteroffer
Rejection

 

 

For informational and educational purposes only.