Step 8: Write and Submit Your Offer

Write a state-specific purchase offer with the right price, deposit, contingencies and dates.

Your offer becomes the purchase agreement, the contract that controls everything until closing. Unbeatable generates the state-specific contract from your answers.

What goes into an offer

• Offer price: based on comparable sales, condition and competition.
• Earnest money: a deposit, often 1% to 3% of the price, held in escrow.
• Contingencies: conditions that let you cancel and keep your deposit:
  • Financing contingency
  • Appraisal contingency
  • Inspection contingency
  • Home sale contingency if you must sell first
• Closing date: 30 to 45 days is typical for a mortgage.
• Seller concessions: money from the seller toward your closing costs.
• Possession date: when you get the keys, usually at closing.
• Included items: appliances, fixtures and anything else that stays.
• Addenda: extra terms, such as an HOA or lead-paint addendum.

Make it strong without giving up protection

• Attach a pre-approval letter matched to the offer price.
• Offer a larger deposit or shorter contingency periods rather than dropping contingencies entirely.
• Be flexible on the closing or possession date if the seller needs time.
• In a bidding war, an escalation clause can automatically beat other offers up to a cap you set.

Waiving the financing or appraisal contingency puts your deposit at risk if the loan or value falls through. Understand that risk before you do it.

Next: negotiate and ratify the contract.

Your next move, by loan program

• Conventional: Conventional limits seller credits to 3% of the price with less than 10% down, 6% with 10% to 25% down, and 9% above that. Start an offer
• FHA: Sellers can pay up to 6% toward FHA closing costs. Keep the appraisal contingency, since FHA appraisals can require repairs. Start an FHA offer
• VA: VA lets sellers pay all normal closing costs plus up to 4% in concessions, and VA buyers get an escape clause if the appraisal comes in low. Start a VA offer
• USDA: USDA allows seller contributions up to 6%. Give the lender time for USDA's final review in your closing date. Start a USDA offer
• Jumbo: Jumbo appraisals and underwriting take longer, so 30 to 45 days to close is realistic. Start a jumbo offer
• Investor: Investment-property seller credits are typically capped at 2% on conventional loans. DSCR lenders set their own limits. Start an investor offer