How to Prepare a Home Offer

Video Transcript

Hi, I'm John Jackson from Remax Suburban in St. Louis, Missouri. I'm here today to talk about how to buy a house for Expert Village. Well now we've found the right house, let's go inside and talk about writing an offer. After a long day of looking at houses we've narrowed it down to one so now I'd like to talk to you a little bit about, you've found the house, now what do you do? Your agent will generally help you formulate a purchase offer to present to the seller. Markets are quite different around the country. Some markets are still very very hot and require a bid process and that is, I'm not quite going to get into that for this clip, but I will talk to you a little bit about the offers that we formulate. Generally, they contain a few key elements. Number one is the price, they have today's date on them and they also have the finish line, the closing date. So the closing date in Missouri is generally the same date as the date of possession. People commonly ask me, once you find the house, how long does it take to close on it? The answer to that is that it can take anywhere from ten days to ten months. And it really does depend entirely on the situation of both the buyer and the seller. So the seller may be building a house and that may take a number of months or the house might be empty and be ready to be accessed right away. It really does depend on a case by case basis. Also at the time the offer is made, a good faith deposit is generally put down, it's called different things in different areas. It can be called an escrow deposit or earnest money as it's known here in St. Louis.

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