Once you have found a property that fits your goals,
have your agent do some research to help you structure the most effective
offer. For example, it’s helpful to
determine the seller’s motivation as well as their preference for escrow period
and service providers. They may be open
to offering you terms, such as owner financing or AITD. We purchased two mobile home parks in Tucson
with owner financing, and it made the transactions easier and less expensive on
the loan side.
Once you have all the information you need, have your
real estate agent draft your purchase agreement and advise you on protective
contingencies, customary practices and local regulations. At this time, you will need to provide an
“earnest money” deposit, usually 1-3% of the purchase price. Only after your offer is accepted, your check
will be deposited with escrow and cashed. This money will be applied towards your down payment and closing costs
at closing.
Your agent will likely present your offer to the
seller and/or the seller’s agent. The
seller has three options: (1) accept your offer; (2) counter your offer; or (3)
reject your offer. Personal knowledge of
your circumstances and any information gained about the seller’s motivations
will help your agents present your offer in the best possible way.
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