Preapproval and Making an Offer
Preapproval – Hopefully during our initial consult, if you hadn’t already identified a local lender, we have guided you in the process of getting preapproved and knowing exactly where you stand financially. We want you to be very comfortable when we go and look at properties regarding what payments will be and what terms you need in the offer to make it the best situation for you financially. It is really important to our team that we put you into a property that you feel very secure in and that you are aware, every step of the way, what it is going to cost you and how you are going to finance it and make it exactly how you want it to be.
Making an Offer – Once we’ve identified the perfect property for you, we are ready to write up a contract. At this point in the transaction, we can reach out to the listing broker and find out whether there are other parties interested in the property and how long the property has been on the market. Once we hone in on a property, we will start researching the property and making sure we make the best offer for you. If it is a multiple offer situation, our relationships with other brokers can be leveraged. It is beneficial, having been realtors in Bend for so long, for other brokers to know that they can work with us and that we’ll do what we say we are going to do and get the transaction to the finish line. Writing a contract involves lots of details and a lot of thought and due diligence to make sure we write the best offer for you.
Due diligence is one of the most important steps. The benefit of hiring a professional team to help you is that we will help you comb through the HOAs and CC and Rs to understand how a property can be used in a community. Finding out what you can do on a property may require visits to the city or county to make sure that if we write an offer, we will know that you will be able to use and enjoy the property in the way you have in mind.
When we make an offer on a property, it is extremely important that we assess the valuation of the property. Even if you are comfortable with the list price, we are always going to research the price and make sure it is a good value for you and for the market and ensure that you are making a good investment for yourself.
1031 – Are you planning on a 1031 Exchange? If you are buying an investment property, knowing the 1031 laws and due diligence with numbers, cash flow, taxes, rules and regulations are paramount. Please let us and your lender know in the very beginning if you are doing a 1031 Exchange. There are timelines and strict deadlines to successfully navigate a 1031 Exchange. You can lose thousands of dollars in taxes if you don’t meet those deadlines. We’ve helped numerous clients close on 1031 Exchange transactions, so we understand the process and are ready to help you protect your hard-earned equity. If you need a 1031 Exchange Accommodator, then we can help you there as well.
Watch this video as Caleb and Ellie describe the offer process and then we will move on to the next step, Negotiations.